Bengaluru led the office leasing market in the country in the second quarter (April to June) of calendar year 2022 by solely forking out a 30% market share followed by Mumbai and Delhi-NCR claiming 19% and 18% slice respectively, said Colliers, a global realty advisory and management firm, on Monday.
Office gross absorption across the top six cities saw almost a three-fold rise to 14.7 million sq.ft. during Q2 of 2022 as compared to the same period last year. Pan-India absorption had already surpassed 27 million sq.ft. in the first half of the year, signalling a strong revival in occupier demand. All the major markets, with Bengaluru dominating, witnessed strong leasing activity during the quarter, driven by high occupier demand for large office spaces, said Colliers.
“The quarter saw increased office occupancy after a hiatus, as demand outpaced supply by a significant margin. Absorption in the first two quarters of the year has already surpassed more than 80% of the total absorption seen in the whole of 2021. Clearly, office demand is well headed to close at 40-45 million sq.ft. by the end of this year,’‘ said Ramesh Nair, CEO, India and Managing Director, Market Development, Asia, Colliers.
