Mumbai, 16 April (IANS). In the January-March quarter of 2025, the office leasing activity in India rose to the highest level of 19.46 million sq ft, with domestic authorities to take a record 8.82 million sq ft. This information was given in a latest report released on Wednesday.
According to the report of Global Real Estate firm JLL, the Global Occupiors operated by GCC remained the mainstay of leasing activity.
The report said that on an annual basis, Gross Leasing for the top seven cities was more than 28.4 percent for all cities except Chennai at PAN India level.
Bengaluru was at the forefront of the fourth consecutive quarter in terms of leasing activity with a 21.9 percent stake, followed by Delhi-NCR with 21.6 percent.
Leasing by domestic occupiers in Bengaluru, Hyderabad, Mumbai and Pune was more than year -to -year.
The ‘Flex’ domestic occupiers in Bangalore and Pune were a major segment, which had a 70 percent and 61.8 percent stake in the leasing of domestic occupiers, respectively.
The report said that BFSI was the biggest contributor to Mumbai, while Tech was the biggest contribution in Hyderabad.
JLL’s Chief Economist Samantak Das, India’s chief economist, said, “The Indian office market has demonstrated flexibility and growth in the first quarter of 2025, based on the strongest performance of Domestic Occupies ever, which was operated by Flex and Third-Party Tech firms.”
Das said that the strong performance of the BFSI sector has promoted demand in India’s office market. As a result, Net Absorption reached 12.78 million square feet in the first quarter, showing an increase of 54 percent on an annual basis. This reflects the expansion-based increase in the demand for office space.
Global Occupires, especially the dominance of the GCC set-up, which includes 64.1 percent of the international lease, reflects India’s growing importance as a strategic place for multinational operations.
JLL’s Senior Managing Director Rahul Arora said, “The strengthening of the market is a decline in the decline in the vacancy rate, which has come down to 15.7 percent. The strict measure of vacancy in major markets with stable demand indicates a bulish outlook for India’s commercial real estate sector.”
-IANS
SKT/ABM
