Delhi-NCR Office Leasing Soars: A Surge in Demand

Office space leasing in Delhi-NCR witnessed a remarkable growth, exceeding twice last year's figures, with 2.62 million square feet leased in the April-June quarter. Driven by heightened corporate demand in Gurugram and Noida, this surge is part of a broader trend observed in India's key office markets.

According to a report by US-based real estate consultant Vestian, office space absorption across the top seven office markets in India increased by 10% in the second quarter, totaling 18.79 million square feet. Bengaluru, Hyderabad, and Chennai collectively dominated the market, capturing a 59% share, up from 46% in the previous quarter.

Bengaluru reinforced its leading position with a 32% increase, leasing 5.62 million square feet. Meanwhile, Hyderabad and Chennai witnessed growths of 5% and 4%, respectively. In contrast, Pune experienced a decline, with a 52% drop in activities. Despite these variations, the demand trend is expected to rise, driven by a transition to in-office operations and upcoming grade-A office projects.

(With inputs from agencies.)