Office leasing up 97% in Jan-Sep in 6 cities; may hit record in 2022
Gross leasing of office space nearly doubled to 40.6 million square feet during January-September across six major cities on pent up demand driven largely by technology and co-working firms, according to Colliers.
The absorption of office space stood at 20.6 million square feet in the year-ago period across six cities -- Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai and Pune.
Real estate consultant Colliers India expects absorption of office space to hit an all-time high in the 2022 calendar year, with leasing set to cross 50 million square feet.
The previous high was seen in 2019 at 44.8 million square feet.
Gross absorption does not include lease renewals, pre-commitments and deals where only a letter of intent has been signed.
"We are at an exciting stage in the market wherein demand and supply are ramping up. Tech companies and flex operators together accounted for about 50 per cent of the total demand during the first three quarters this year," Colliers India CEO Ramesh Na