Booming Office Space Demand Surges 11% in Major Indian Cities

India's office space leasing grew by 11% in key cities despite global economic challenges. Colliers reports gross leasing reached 178 lakh sq ft, with an increase in cities like Bengaluru and Delhi-NCR, though Mumbai saw a decline. Expectations for year-end demand are optimistic.

In a testament to India's resilient commercial real estate sector, gross office space leasing surged by 11% across seven major cities in the April-June quarter, according to Colliers. This growth came despite uncertain global economic conditions.

Data from Colliers shows that the gross office leasing in key areas such as Bengaluru, Chennai, and Delhi-NCR has increased, amounting to a total of 178 lakh square feet. In contrast, Mumbai was the only city to experience a decline.

Arpit Mehrotra, Managing Director of Office Services at Colliers India, remarked that the office market is projected to maintain its upward momentum, anticipating total demand to reach 65-70 million square feet by year-end, backed by a varied occupier base and strong investor confidence.

(With inputs from agencies.)