Office space leasing in January-June up in metros: Report

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New Delhi, July 16 (IANS) Office leasing activity across India’s nine major cities crossed 20 million square feet in the first half of 2018, recording an over 10 per cent growth compared to the same period of 2017, a CBRE report said on Monday.

Bengaluru along with Delhi-NCR, Hyderabad and Mumbai led the leasing activity, with the four key markets accounting for more than 80 per cent of the total leasing among the nine cities during the January-June period, it said.

The other cities where the survey was carried out were Chennai, Kolkata, Pune, Kochi and Ahmedabad.

However, on a quarter-on-quarter basis, leasing activity during the April-June period witnessed “a marginal dip” at aroung 10 million square feet, the report said.

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According to the study, supply in the office space segment rose by around 40 per cent during the first six months of 2018 on a year-on-year basis “with more than 16 million square feet of development completions being reported”.

However, on a quarterly basis, supply fell by around seven per cent to 7.8 million square feet. Bengaluru accounted for about half the supply during the quarter, it added.

–IANS

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