New Delhi: Office space demand remained strong this year with gross leasing of workspace rising 14 per cent to a record 66.4 million square feet across six major cities, according to Colliers India. Gross leasing of Grade A office spaces stood at 58.2 million square feet in the 2023 calendar year. Real estate consultant Colliers India on Tuesday released the data for India's six major office markets. Bengaluru saw a record office leasing of 21.7 million square feet in 2024, up 39 per cent from 15.6 million square feet in the preceding calendar year.
Office leasing rises 14%, Bengaluru, Hyderabad, and Mumbai lead growth.
The gross office space leasing in Hyderabad rose 56 per cent to 12.5 million square feet from 8 million square feet. Mumbai witnessed a 43 per cent increase in demand to 10 million square feet from 7 million square feet, while Pune saw a modest 4 per cent increase in office space leasing to 5.7 million square feet from 5.5 million square feet. However, the demand fell in Chennai and Delhi-NCR.
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The gross leasing of office space in Chennai declined to 35 per cent to 6.8 million square feet from 10.5 million square feet. In Delhi-NCR, the office space leasing fell 16 per cent to 9.7 million square feet in 2024 from 11.6 million square feet in the previous year. The demand was driven mainly by technology firms and engineering and manufacturing companies, besides financial services providers.
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