Office leasing witnessed remarkable growth across the country last year, hitting new peaks in eight major cities. A total of 7.19 million square feet of leasing transactions were recorded in 2024, marking a 21% increase compared to the gross leasing of 2023. Additionally, a 19% growth was seen compared to pre-pandemic figures from 2019, as revealed in the latest report by real estate consultancy Knight Frank India. The report highlighted that the office space market, which had declined in 2020 and 2021 due to the pandemic, gradually recovered in the subsequent years. In Hyderabad, leasing grew by 17%. Looking at city-specific performance, Bengaluru saw a 45% increase in gross office leasing, reaching 1.81 million sq. ft. Delhi NCR recorded a 25% growth, with leasing totaling 1.27 million sq. ft. Mumbai experienced a 40% rise, reaching 1.04 million sq. ft. Pune grew by 19%, with leasing reaching 800,000 sq. ft. Ahmedabad saw an impressive 64% growth, totaling 300,000 sq. ft. However, Chennai’s market experienced a 25% decline, limiting leasing transactions to 810,000 sq. ft.
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