The Q1 2024 saw leasing of 16.7 million sq ft, strongest Q1 in the last five years and a 20% rise year on year. Office space absorption across Indias six major cities is likely to register another big year with expectations of around 61 mn sq. ft. in 2024.
The leasing performance in the March quarter is trailing only to the levels of 17.3 million sq ft witnessed in the first quarter of 2020. It has set the platform for Indias office market to reach and even surpass the peak activity levels witnessed in 2023.
In a recent announcement, CBRE South Asia Pvt. Ltd, a leading real estate consulting firm in India, revealed the key findings from its report ‘CBRE India Office Figures Q1 2024.’