Office Space Leasing Surges Amid Strong Economic Confidence

Gross leasing of office space surged by 8% annually during Q2 2024 across six major cities, driven by strong demand in Mumbai, Bengaluru, and Hyderabad. Total gross leasing reached 15.8 million square feet, with significant increases noted in Mumbai, Bengaluru, and Hyderabad, while other cities like Chennai, Delhi-NCR, and Pune experienced declines.

Office space leasing witnessed an 8% annual surge during the April-June quarter of 2024, covering six major cities, as Mumbai, Bengaluru, and Hyderabad saw notable demand, according to Colliers' recent report.

The total gross leasing of office space soared to 15.8 million square feet this quarter, up from 14.6 million square feet in the previous year. However, while some cities thrived, others like Chennai, Delhi-NCR, and Pune saw a downturn in demand.

Experts highlight that this increased activity is bolstered by confidence among occupiers and investors, anticipating a steady path towards achieving over 50 million square feet of leasing for the third consecutive year in 2024.

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