Gross office space leasing in 2024 may rise 14% in top 9 cities: CBRE

Gross leasing transactions of office space are estimated to rise 14 per cent this calendar year across nine major cities to record 70 million square feet on better demand from global and domestic corporates, according to CBRE.

The gross leasing of office space stood at 61.6 million square feet in 2023.

CBRE South Asia noted that "office leasing is likely to record a historic high of around 70 million square feet in 2024 across top 9 cities in India as per current estimates."

The last highest office leasing was recorded in 2019 at 66.6 million square feet.

Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, said, "India's office market leasing is projected to remain strong in 2024, with Q3 (July-September ) of 2024 reflecting sustained absorption. The demand is driven by global and domestic occupiers, who are expected to continue expanding their operations and consolidating their facilities to strengthen their market presence."

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