Record Office Leasing in Major Indian Cities Hits All-Time High

Office demand across seven major Indian cities reached an all-time high with 33.54 million square feet of gross leasing in the first half of the year. This represents a 29% increase from the previous year's figures, making it the highest ever recorded for the period.

Office demand across seven major Indian cities reached an unprecedented level in the first half of this calendar year, with gross leasing hitting a record 33.54 million square feet, JLL India reported.

On Wednesday, real estate consultant JLL India released data showcasing 29% annual growth in gross leasing, totaling 33.54 million square feet in the January-June period. This surge was marked in Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, and Pune.

JLL India further highlighted that 'H1 2024 (January to June) marked the best-ever first half, with leasing volumes at 33.54 million sq ft, surpassing the previous highest H1 performance seen in 2019.'

In comparison, gross leasing of office space stood at 26.01 million square feet in the January-June period of 2023. The highest previous record for the first half was 30.71 million square feet in January-June 2019. The leasing numbers significantly dropped to 21.10 million square feet in January-June 2020 and further plummeted to 12.55 million square feet in January-June 2021 due to the COVID-19 pandemic.

Post-pandemic, office demand rebounded. The gross office leasing reached 24.68 million square feet in the January-June 2022 period.

In JLL India's terms, gross leasing includes all lease transactions recorded during the period, including confirmed pre-commitments, but excludes term renewals and deals still under discussion.

'2024 is projected to mark record-breaking gross leasing of 65-70 million sq. ft, setting a historic milestone in the country's commercial real estate market,' JLL India projected.

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