Kolkata office space absorption jumps 150pc in Apr-Jun: Report

The absorption of office space in Kolkata in the April-June period of 2022 witnessed around 150 per cent growth quarter-on-quarter to reach 0.5 million sqft, real estate consulting firm CBRE India said in a report.

It also noted that the office sector in India saw a strong performance in the three months under review, as leasing activity grew by 61 per cent Q-o-Q to touch a record high of 18.2 million sqft.

Technology firms drove leasing in Kolkata with a share of around 27 per cent, followed by flexible space operators (26 per cent ) and BFSI entities (17 per cent), the report said.

Small-sized deals dominated the transaction activity, with 57 per cent of absorption recorded in the non-IT segment, 16 per cent in IT spaces, and 27 per cent in the SEZs, it said.

Meanwhile, home sales in the city also recorded growth during the quarter. Home sales Q-o-Q growth in the April-June period of 2022 stood at 4 per cent to 3,947 units, another property consultant JLL said.