JLL expects 20 percent growth.
JLL India said that office space leasing activities will pick up in the new year, and there will be good demand for them. Office space leasing will register 20 percent growth in seven major cities across the country, it said. In the current year, it is estimated that these cities will register 37–39 million square feet of leasing. Leasing of 38 million square feet was done last year, and it is likely to remain the same this year. The report has been released with the details of Hyderabad, Delhi NCR, Mumbai, Chennai, Kolkata, Bengaluru, and Pune cities.
The lease demand for office space was 47.92 million square feet in 2019, 25.38 million square feet in 2020, and 26.03 million square feet in 2021. JLL India said that despite unfavourable conditions due to various factors globally, the demand for office space in India has remained stable this year and will further increase next year. Office space leasing was recorded at 26 million square feet during the first nine months of this year. It is expected to increase to 37–39 million square feet by the end of December. Also, JLL India said that in 2024, office space leasing in India could be 45–47 million square feet. It said that 20–22 percent growth can be recorded compared to this year.
