Office transactions hit record high at 34.7 mn sq. ft. in H1 2024: Report

Office space leasing absorption in Kolkata surged 33 per cent year on year to 0.4 million square feet in the April-June quarter of 2024, according to the CBRE India Office Figures Q2 report.

The key sectors driving absorption in Q2 2024 were technology (40 per cent), BFSI (21 per cent), and flexible space operators (10 per cent).

"The office space leasing absorption in April-June 2024 was 0.4 million square feet against 0.3 million square feet in the YoY period, a CBRE official said.

Another real estate consultant, Knight Frank India, also said that Kolkata's office market saw a significant increase in office leasing volume, with 0.7 million square feet of office space transacted in H1 2024 (January-June 2024).

This represents a 23 per cent growth compared to H1 2023, according to Knight Frank India's report "India Real Estate: Residential and Office" (January-June 2024).

Average office space rents increased by 6 per cent year-on-year (YoY) during H1 2024, it said.

Knight Frank a