In July-September, the net lease of office space in India rose by 5 per cent to10.37 million square feet, despite global challenges, according to real estate consultancy JLL India. In the same quarter last year, net absorption of office space was 9.86 msf.
In the first nine months of FY24, the absorption of office space was 13.9 per cent lower than the same period last year.
According to the data, Hyderabad led with the highest market share of 26.1 per cent, followed by 22.9 per cent in Bengaluru and 16.4 per cent in the Delhi-National Capital Region. In July-September, the net lease of office space in Bengaluru rose to 1.38 msf, up from 1.71 msf in the year-on-year period.
Net leasing in Chennai rose to 0.9 msf from 0.54 msf. Delhi-NCR rose to 1.7 msf from 1.61 msf. But demand remained subdued in Mumbai and Bengaluru. The net office leasing in Hyderabad fell from 3.06 msf to 2.7 msf. In the third quarter of this calendar year, Mumbai experienced a decrease in net leasing of office space to 1.53 msf, down from 1.83 msf in July-September of the previous year.
This strong leasing momentum is fueled by India's technology sector, experiencing robust offshoring and research and development across multiple sectors.
Arora, 62, said the meeting was marked by a reluctance by the prime minister to comment on the possibility of a nuclear deal.
Samantak Das, the chief economist and head of research and REIS, India, JLL, said.