The report provides insight into the office market in India shedding light on key figures and trends during the fourth quarter of 2023
Bengaluru: India Office Figures – Q4 2023 report by commercial real estate services and investment company CBRE provides insight into the office market in India shedding light on key figures and trends during the fourth quarter of 2023.
The report offers an overview of the office sector in 2023, providing a glimpse into the detailed descriptions of major cities that witnessed significant leasing activities including Bengaluru, Hyderabad, Delhi NCR, Mumbai, Chennai, Pune, Kolkata, Kochi and Ahmedabad.
Furthermore, the report presents an outlook for the office market in 2024, highlighting potential growth measures. It also has a comprehensive list of office micro-markets in key cities, specifying their respective locations.
Key findings of the report are as follows:
- The office sector in India witnessed a gross absorption of 61.6 million sq. ft. during 2023, a growth of 7% Y-o-Y, making it the second-highest leasing activity after 2019.
- On a quarterly basis, Q4 2023 witnessed the highest quarterly leasing activity – an increase of 16% Q-o-Q to reach 19.0 million sq. ft in the quarter.
- Bengaluru, Hyderabad and Chennai drove the leasing activity, both on a quarterly and yearly basis, accounting for a cumulative share of about 60% and 57%, respectively.
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