Office Space Demand Surges in Major Cities: JLL Report

Office space net absorption rose by 14% annually across seven major cities from July to September, reaching 12.16 million square feet, according to JLL. Bengaluru, Chennai, and other cities reported increased demand, while Hyderabad and Kolkata saw declines. Year-to-date, net absorption was up 19%, signaling sustained growth.

Office space net absorption rose by 14% annually across seven major cities from July to September, reaching 12.16 million square feet, according to data from real estate consultant JLL.

Bengaluru saw a significant increase, with net absorption reaching 4.14 million square feet, up from 2.38 million square feet the previous year. Meanwhile, Chennai's demand grew to 1.05 million square feet from 0.90 million square feet.

Delhi recorded 1.92 million square feet of net absorption, compared to 1.7 million square feet earlier, while Hyderabad and Kolkata experienced declines. JLL highlighted that the year's overall absorption was second only to 2019 levels, indicating strong expansion driven by both global and domestic firms.

(With inputs from agencies.)