The activity of office leasing is increasing steadily in the country. Leasing of office space in eight major cities of the country is estimated to reach 80 million square feet during the current year. Cushman & Wakefield predicts that office space leasing will increase due to high demand from corporates. Net leasing is also estimated to be around 40 million square feet this year. Leasing of office space during 2023 was 74 million square feet while the net office leasing in the country's eight major cities of Delhi-NCR, Mumbai, Chennai, Kolkata, Bangalore, Hyderabad, Pune and Ahmedabad was 41 million square feet. Sriram Khattar, Vice Chairman and MD, DLF Rental Business, said India provides a competitive advantage globally. There are lakhs of young people with technical skills who are opting for quality real estate at higher cost to keep moving forward. These dual benefits motivate global companies to set up and expand business in India. These companies look for grade offices from reliable developers who provide excellent service along with expansion options at premium locations. During the six months demand from multinational companies, demand for pre-leased buildings in important cities is increasing rapidly. Highest Office Space Leasing in IT-BPM Sector The IT-BPM sector maintained its dominance in the highest leasing in the country. Which accounted for 26% of total leasing during the first six months of 2024. Second in the list was the BFSI sector. According to Veerababu, MD, Tenant Representation, the country's office leasing market is witnessing significant growth driven by strong economic fundamentals, a modern digital ecosystem, high returns to offices and increased demand from businesses.
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Forecast: Office demand in the country is estimated to touch 80 million square feet
