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Office space leasing transactions in India's top eight cities including Bengaluru and Mumbai, driven by high demand from global and local companies, rose 15% year-on-year ......
The top eight Indian markets witnessed total office transactions of 59.6 msf in 2023, registering 15 percent YoY growth.
India's office leasing market reached record-breaking levels in Q4 2023, with 58.2 million sq ft of gross absorption. Bengaluru dominated office space absorption. Tech's contribution shrank, but demand remained strong due to diversification
Global centers, particularly in the technology and BFSI sectors, have cornered almost 40% of the significant deals in the top six cities. Notable transactions involve names such as Bank of America, Philips, Wells Fargo, Qualcomm, and CitiBank, with deals concentrated in major southern cities such as Bangalore and Chennai.
Sectors including technology, BFSI and engineering and manufacturing to lead leasing activity; Bengaluru continues to account for the largest share in leasing over the six months (Jan’23-Jun’23), while Chennai has witnessed about one-fourth share led by ready institutional supply that entered the market in 2023