Three-fold increase in office leasing

Due to the situation of corona epidemic, the use of office has reduced greatly as everyone has preferred the work from home policy. Due to this, companies are not focusing much on office activities. As a result, most of the office space has been lying vacant for the past few years. However, positive conditions were seen in the second quarter of this year. Compared to the same quarter last year, office leasing has tripled this time. Colliers said in its report that it has tripled to 14.7 million square feet across six major cities in the country.

It said that it has crossed 27 million foot steps in pan India. Looking at this, it is understood that the demand for office activities has increased again. It is clear that office leasing has increased in all major markets. Bangalore has the highest share of 30 percent, followed by Mumbai with 19 percent and Delhi with 18 percent. Vacant space fell by 100 basis points in the second quarter of 2022, the largest decline in the last ten quarters, as office leasing picked up, it said.

And in the second quarter of 2022, 9.4 million square feet of space has become available for Grade A. It is noteworthy that it has doubled compared to the second quarter of last year. It is remarkable that Hyderabad stands at the top with a share of 40 percent. Bangalore is second with a share of 17 percent. Another feature is that there are huge deals in leasing as well. Of the total leases, lease agreements above one lakh square feet account for 47 percent. Also, the Colliers report revealed that more than 60 percent of the total leases are in Hyderabad and Bangalore.