Edited By: Namit Singh Sengar
Last Updated: February 20, 2023, 14:52 IST
In January 2022, the combination leasing actions stood at 1.7 million sq. toes.(Representative picture)
The combination workplace market leasing actions consult with transactions for all grades or varieties of buildings within the high seven cities.
The whole leasing of workplace area, which includes demand for all grades of buildings, rose 93% year-on-year in January to three.2 million sq. toes throughout seven main cities, in line with property marketing consultant JLL India.
However, the leasing fell 56 %, in comparison with December 2022, which had seen 7.4 million sq. toes workplace area absorption.
In January 2022, the combination leasing actions stood at 1.7 million sq. toes.
In January 2023, the highest three cities in that order have been Delhi NCR, Chennai, and Mumbai, accounting for 77 % of month-to-month leasing exercise.
“IT sector is presently going through slower employment and sluggish company development expectations. As a outcome, area take-up could also be extra benign as a part of a course correction,” news agency PTI quoted Samantak Das, chief economist and head of research, India, JLL as saying.
The aggregate office market leasing activities refer to transactions for all grades or types of buildings in the top seven cities (Delhi-NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune and Kolkata).
The data includes confirmed pre-commitments and term renewals. Deals in the discussion stage are not included.
JLL India said that fresh leasing, which included expansion and relocation-driven space take-up accounted for 87Â % of all recorded transactions during the last month.
As per the data, the IT/ITeS category still remained the largest driver of overall market activity in January, accounting for 28 % of total market activity.
According to the JLL data, India’s office Grade A (premium) stock stood at 732 million square feet at the end of March 2022.
The office stocks of other grades were 370 million square feet, taking the total stock to around 1.1 billion square feet.
Meanwhile, according to a report by real estate consultancy firm CBRE, investments in the Indian real estate sector grew 32 % y-o-y to an all-time high of $7.8 billion in 2022. On a quarterly basis, investments in Indian real estate stood at $2.3 billion in the October-December 2022 quarter, growing 64 % q-o-q and 115 % y-o-y.
(With PTI inputs)
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