In spite of gradual increase in working from office, the total office space leasing done in seven main cities across the nation during January-March was put at 76.3 lakh sft, which is down by 34 per cent compared to the office space leased in these cities during the corresponding period last year, according to an observation made by renowned real estate agency JLL India. The agency put the total office space leased out during the first quarter of 2023 was the least compared to the office space leased out during the past six quarters.
International political ramifications and growing hybrid work culture have prompted corporate to exercise caution while taking office space on lease. Under the prevailing situation, the companies give a lot of significance to cut down expenses on real estate. Cities wise, Chennai occupied in grabbing 50% of the share in total office space leasing, followed by Delhi (47%), Pune (44%), Mumbai (37%) and Bangalore (14%). However, Hyderabad occupied 85% of the total share of the office space leased out during the first quarter of the current year.
