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NEW DELHI: Net leasing of office spaces rose by 35% across eight major cities in the July-September quarter, reaching 16.25 million sq ft, driven by increased demand from both domestic and international companies, as reported by Cushman & Wakefield.
According to data from the real estate consultant Cushman & Wakefield, office space leasing experienced growth in cities such as Delhi-NCR, Chennai, Hyderabad, Pune, Kolkata, and Ahmedabad.
However, Mumbai and Bengaluru saw a decline in net demand.
Net absorption, a crucial measure of real estate demand, reflects the net change in occupied office space. “India’s office sector exhibits strong structural stability. The current market is in an expansion phase, with over 80% of Q3 leasing attributed to new take-ups, indicating that occupiers are expanding their presence rather than merely renewing existing leases,” stated Anshul Jain, Chief Executive for India, SEA & APAC Office and Retail at Cushman & Wakefield.
This trend is being fueled by fundamental developments, such as the rise of Global Capability Centers (GCCs), the growth of startups, and a resurgence in manufacturing and engineering, he added.
Bengaluru experienced a 14% decrease in net leasing, falling to 3.46 million sq ft, down from 4.01 million sq ft during the same period last year. Meanwhile, Mumbai’s workspace leasing dropped by 19% to 2.13 million sq ft from 2.64 million sq ft.
In contrast, Delhi-NCR’s demand for office space more than doubled to 3.79 million sq ft, up from 1.52 million sq ft. Chennai also saw a remarkable increase in net leasing, jumping to 2.28 million sq ft from 0.47 million sq ft.
Pune’s office space leasing rose by 64% to 2.54 million sq ft, compared to 1.55 million sq ft year-over-year. Hyderabad recorded a 7% increase, with net leasing reaching 1.42 million sq ft, up from 1.32 million sq ft, while Kolkata’s leasing grew to 0.43 million sq ft from 0.37 million sq ft. Lastly, the net leasing in the last quarter saw a small increase to 0.21 million sq ft, up from 0.20 million sq ft from the previous year.
Veera Babu, Executive Managing Director of Tenant Representation at Cushman & Wakefield stated, “Net absorption is often seen as a real indicator of space demand, and this quarter’s results show the robust and sustained momentum in India’s office sector.”
He observed that cities like Delhi-NCR, Pune, and Chennai are setting new standards in leasing and absorption.
“It’s particularly positive to see a volume of active deals in the pipeline, suggesting this isn’t just a temporary surge but part of a deeper, structural growth cycle,” Babu concluded.
