- 48% Increase in Demand for Office Spaces in June Quarter
- 3.4 Million Square Feet of Leasing Space
- Disclosed in Vestian Report
Hyderabad has excelled in office space leasing. According to the workplace solutions company Vestian, there is a high demand for office spaces in the city. Compared to the June quarter of last year, office space leasing in the June quarter of this year has registered a 48% increase, amounting to 3.4 million square feet. This was 2.3 million square feet in the same quarter last year. The report also states that nationwide, office space leasing in seven major cities increased by 23% in the June quarter, totalling 17.04 million square feet.
Looking at individual cities:
In Bengaluru, office space leasing increased by 15%, reaching 4.25 million square feet, compared to 3.70 million square feet during the same period last year.
Notably, IT-ITES, AI, and robotics companies account for 69% of the total leasing in this city.
Office space leasing in Mumbai registered an 88% increase, reaching 3.39 million square feet. In Pune, leasing grew by 60% to 2.88 million square feet. Chennai saw a 20% decrease, with leasing at 1.75 million square feet. The Delhi NCR market experienced a 43% decline, with leasing at 1.4 million square feet. In Kolkata, leasing doubled to 0.23 million square feet.
Despite global geopolitical tensions, Vestian CEO Srinivas Rao noted that India’s office space market has shown significant progress in the second quarter. He predicted that the leasing market would continue to grow strongly due to robust demand from the IT-ITES and BFSI sectors. Additionally, the Vestian report highlighted that office space leasing also grew by 18% to 30 million square feet during the January-March quarter of this year.
