During the June quarter, leasing of office space in the top nine cities increased 61 percent due to improved demand, reaching a record 18.2 million square feet. CBRE, a real estate consulting firm, released its office leasing figures for the second quarter of 2022 on Monday.
From the same time last year, the gross rental of office space increased by 220 percent.
Anshuman Magazine, Chairman & CEO-India, South-East Asia, Middle East & Africa at CBRE, stated that “the office sector in India reflected a strong recovery in H1 (January-June) 2022 as occupier sentiments were uplifted due to the relatively reduced severity of the Omicron wave, the ensuing relaxation of restrictions, and improved economic activity.”
He anticipated that the yearly absorption of office space in 2022 will be greater than in 2021.
For the quarter and H1 2022, Hyderabad, Bengaluru, and Delhi-NCR collectively accounted for nearly two-thirds of the transaction activity.
Office space leasing in Delhi-NCR increased by more than two times to 3.9 million square feet between April and June 2022 compared to the January to March of this year.
To reach 2.1 million square feet, office leasing in Mumbai increased by 183%.
Bengaluru experienced a 59% increase in gross office leasing to 5.6 million square feet, while Hyderabad saw an 88% increase to 2.6 million square feet.
Pune had a 48% increase in leasing over the previous quarter, reaching 1.7 million square feet.
In Kolkata, This type of leasing increased by 155% to 0.5 million square feet. The office space leased in Kochi increased several times, reaching 0.1 million square feet.
In Ahmedabad, leasing increased 76% over the previous quarter, reaching 0.3 million square feet in April–June.