Kolkata Office Space Leasing Surges 33% in Q2 2024

Office space leasing absorption in Kolkata saw a 33% year-on-year increase to 0.4 million square feet in Q2 2024. Technology, BFSI, and flexible space operators fueled this growth. Knight Frank India also noted a significant rise in office leasing volume and a 6% increase in average rents.

According to the CBRE India Office Figures Q2 report, office space leasing absorption in Kolkata surged by 33% year-on-year to 0.4 million square feet in the April-June quarter of 2024.

The key sectors propelling this growth in Q2 2024 were technology, accounting for 40% of the absorption, BFSI at 21%, and flexible space operators at 10%.

A CBRE official stated, 'The leasing absorption for office space in April-June 2024 was 0.4 million square feet compared to 0.3 million square feet in the corresponding period of the previous year.'

Complementing these findings, Knight Frank India revealed that Kolkata's office market witnessed a substantial rise in office leasing volume, with 0.7 million square feet of office space transacted in H1 2024 (January-June 2024).

Their report, 'India Real Estate: Residential and Office' (January-June 2024), indicated a 23% growth in comparison to H1 2023, along with a 6% year-on-year increase in average office rents during H1 2024.

Knight Frank also reported strong demand in Kolkata's residential real estate market, with 9,130 residential units sold in H1 2024, marking a 25% year-on-year growth in sales volume.

The sustained upward momentum in sales is attributed to continued stamp duty rebates and new launches across various price segments, although the state government has now rescinded the stamp duty and 10% rebate in circle rates effective from July.

Pan-India, office leasing showed considerable strength with gross office leasing reaching 32.8 million square feet during January-June 2024, reflecting a 14% year-on-year increase across nine cities, as per CBRE's data.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)