BENGALURU: Bengaluru, known for its vibrant commercial landscape, emerged as a leader in office space leasing, contributing significantly to a remarkable total of 53.43 million square feet (msf) leased from January to September 2024.
This was revealed by JLL, a leading commercial real estate and investment management firm.
In a notable shift, flexible workspaces have taken centre stage, becoming the largest occupier category for the first time, accounting for 22 per cent of Q3 leasing activity.
This is followed by the technology sector at 17.9 per cent and the banking, financial services, and insurance (BFSI) sector at 16.5 per cent.
Bengaluru captures 24.6% share
Bengaluru captured a 24.6 per cent share of quarterly leasing activity, totaling 4.9 msf, maintaining its position at the top for the second consecutive quarter.
Global Capability Centres (GCCs) were the dominant occupier group, comprising 36.2 per cent of all leasing activity, while global occupiers drove the market with a substantial 56.8 per cent share in Q3.
Gross leasing reaches 20 msf
Gross leasing activity in Q3 2024 reached 19.89 msf, reflecting an 8.2 per cent increase quarter-on-quarter (QoQ) and marking the second-highest quarterly total after Q4 2023.
Net absorption across the top seven cities reached 12.16 msf, the highest this year, with Bengaluru leading at 34.1 per cent of the total net absorption.
With this momentum, India’s office market is poised to reach a gross leasing target of 70 msf by the end of 2024, surpassing the previous high recorded in 2023.
