Leasing activity to achieve the 50 msft milestone soon.
Office space leasing will continue the present momentum in the future too, according to a report released by the FICCI-Colliers.
It is predicted that office space leasing activity is set to achieve the milestone of 50 msft in 2024.
The increased momentum in office space leasing is attributed to the increased market for global capability centres, which constitute 40% of the total leasing activity.
The demand for Grade-A office space is going to increase further because of the demand for office space in the engineering, manufacturing, banking, financial services, and insurance sectors.
The flexi space constitutes only 15-20% of the total leasing activity, the report said.
Agreements for the lease of office space with a plinth area of one lakh sft will constitute more than half of the lease agreements during the year 2024. The commercial real estate market is poised to grow by 60 msft due to increased demand for space by domestic units and global capability centres.
