Bengaluru Leads India's Office Leasing Surge with 56% YoY Growth
- Industry News
- October 8, 2024
Bengaluru led India’s office leasing surge in 2024, with a 56% YoY growth, absorbing 16.4 million sq ft from January-September. Across nine key cities, total office leasing hit 53.8 million sq ft, driven by tech, e-commerce, and flexible space operators. Office leasing is projected to reach 70 million sq ft by year-end.
READ MOREDev Accelerator Limited is set to expand its coworking spaces through a new IPO, offering 2.47 crore equity shares. The funds will be used to set up new spaces, repay debts, and general corporate purposes. After turning profitable in FY24, the company aims to solidify its position in the flexible workspace market.
READ MOREiSprout has expanded its Hyderabad presence by leasing an additional 1 million sq ft of premium office space across SAS iTower, iSprout Tower at Minaas, and Trendset Jayabheri Connect. This brings their total managed space in the city to 1.7 million sq ft, strengthening their leadership in innovative, tech-driven work environments.
READ MOREIndia’s office space absorption rose by 14% in Q3 2024, reaching 12.16 million sq ft across seven major cities, led by Bengaluru. While most cities saw growth, Hyderabad and Kolkata experienced declines. Overall, office demand remains strong, driven by corporate expansion and economic recovery, with 31.03 million sq ft absorbed year-to-date.
READ MOREFlexible office spaces rapidly grow as businesses seek adaptable, short-term solutions in the post-pandemic era. With increasing demand from startups and corporations, these spaces promote collaboration and productivity. By 2025, 50% of companies plan to allocate 10% of their office portfolios to flexible workspaces.
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Recognising the coworking sector as an industry can drive growth through tailored tax incentives, especially in tier II and III cities. Promoting sustainability and ensuring access to affordable finance is crucial for its expansion, says Rishi Das, Cofounder of IndiQube.