India’s workplace lease market reaches document excessive, Bengaluru leads: Report INA NEWS

Mumbai, January 3 (.). India’s workplace market stays a key focus for international corporations . broaden their workforce and actual property footprint in 2024, in accordance . a report launched by actual property agency JLL on Friday.

India’s workplace market noticed internet absorption (the speed at which leasable space is leased for a set interval) attain a document 49.56 million sq ft throughout the previous yr.

On the finish of the yr, higher efficiency was recorded for the fourth quarter. Report internet absorption figures of 18.53 million sq ft had been recorded in October-December 2024, reflecting sturdy development within the sector.

Bengaluru maintained its management place available in the market with its best-ever internet absorption at 14.74 million sq ft in 2024, a rise of 63.6 per cent over the earlier yr.

In accordance . the report, Bengaluru additionally recorded its finest quarter ever and now holds 36.1 per cent share of the nation’s workplace lease market.

Hyderabad moved . second place in quarterly internet absorption with 16.0 per cent share, adopted by Delhi-NCR with 15.4 per cent share and Chennai at third and fourth place with 11.5 per cent share respectively.

For the total yr (January-December 2024), Bengaluru led the best way with 2024 being the most effective yr ever by way of internet absorption, whereas Mumbai additionally noticed the very best numbers within the decade.

Robust annual efficiency in Delhi-NCR and Hyderabad additionally contributed . the continued development momentum within the workplace market.

The report stated that these 4 cities achieved 77.8 % share in annual internet absorption in 2024.

World Functionality Facilities (GCC) and Flex had their finest yr ever, the report stated, with each attaining 56 per cent share of gross leasing in 2024.

In 2024, India’s workplace market outperformed expectations, with leasing exercise throughout the highest seven cities reaching 77.22 million sq ft, a 22.6 per cent year-on-year development, stated Samantak Das, chief economist at JLL.

That is the very best annual leasing ever recorded. World corporations performed a key position, driving 58.6 per cent of leasing exercise, as India stays the hub for his or her actual property enlargement plans.

World Functionality Facilities (GCCs) had an incredible yr, capturing 35.9 % of the market with roughly 28 million sq. ft of lease.

He additional stated, as India’s place because the Workplace . the World grows stronger, the nation’s give attention to AI and rising applied sciences together with engineering R&D capabilities might additional drive demand, making it the world’s main international market over the following decade. Will turn into a serious vacation spot for workforce development and innovation.

This autumn 2024 turned out . be the most effective performing quarter by way of gross leasing at 23.80 million sq ft, 13.6 per cent greater than the earlier peak recorded in the identical interval a yr in the past.

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SKT/

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India’s workplace lease market reaches document excessive, Bengaluru leads: Report

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