Total office leasing by Global Capability Centres (GCCs) in the first half of 2024 accounted for around 37% of overall office leasing in India, according to a recent report.
GCCs leased 11.9 million sq ft of office space during the January–June 2024 period.
Financial services and technology-related firms contributed about 45% of total GCC leasing during this period.
Bengaluru recorded the highest share of GCC leasing at 39%, followed by Pune at 20%, while Hyderabad and Chennai accounted for 17% and 11%, respectively, during January–June 2024.
At the national level, overall office leasing remained strong, with gross office leasing reaching 32.8 million sq ft in January–June 2024 — a 14% year-on-year increase across nine major cities. This marked the second-highest first-half leasing ever recorded.
The nine cities included Bengaluru, Mumbai, Delhi-NCR, Hyderabad, Chennai, Pune, Kochi, Kolkata, and Ahmedabad.
Total new supply during January–June 2024 stood at 22.1 million sq ft.
Bengaluru led office space absorption, accounting for one-fourth of all leasing during January–June 2024, followed by Delhi-NCR at 16%, Chennai at 14%, and Pune and Hyderabad at 13% each.
Bengaluru, Hyderabad, and Mumbai led new supply additions, contributing 69% of the total.
Technology companies accounted for 28% of overall leasing, followed by flexible workspace operators at 16%, financial services firms at 15%, engineering and manufacturing at 9%, and research/consulting/analytics at 8% during January–June 2024.
On a quarterly basis, office leasing during April–June 2024 stood at 18 million sq ft, a 27% increase compared to the same period in 2023.
Bengaluru, Pune, and Chennai together accounted for about 57% of leasing activity during this quarter.
Development completions reached 13.2 million sq ft in April–June 2024, representing a 49% quarter-on-quarter increase and 11% year-on-year growth.
Technology companies held a 29% share in leasing during April–June 2024, up from 26% in January–March 2024.
Life sciences firms accounted for 9% of leasing during this period.
During April–June 2024, firms based in the U.S. led space absorption, accounting for around 39% of total leasing.
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