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The Times of India
The Times of India
National
Rao Jaswant Singh | TNN

Office leasing in Delhi-NCR to close at 9-11 mn sq ft in 2023; domestic demand up: Report

New Delhi Colliers India

GURGAON: For Delhi-NCR office leasing sector, the year started on a cautious note registering 2.2 million sq feet of gross absorption in the first quarter, and then saw a relatively faster recovery in the second quarter. Q2 registered 3.1 million sq feet of leasing activity, a growth of around 41% QoQ, according to latest report ‘India office market – Changing winds’ by investment management company Colliers.

With 3.1 million sq feet leasing in Q2, Delhi NCR is third after Bangalore (3.4) and Chennai (3.3). As far as QoQ change is concerned, Chennai, Pune, Mumbai and Delhi NCR lead the chart. The report also claimed the momentum is likely to continue in the second half of the year and ultimately result in better than anticipated office market performance in 2023.

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