India’s Top Seven Office Markets Breached 40 Mn Sq Ft Mark
JLL India states that the net absorption in India’s top seven office markets breached the 40 mn sq ft mark and stood at 41.97 mn sq ft in 2023. This not only marks a new post-COVID milestone but also positions it as the second highest annual absorption, trailing only the levels recorded in 2019. The year has set the platform for India’s office market to enter a phase of ‘accelerated growth’. While net absorption in the first half of the year was subdued, the pace of expansion from corporates quickened in the latter half of the year, reaching unprecedented heights in the final quarter. As a result, office net absorption during the year exceeded even the best scenario estimates of 39.0 mn sq ft as per JLL’s 2023: Year in Review report. This growth was fueled by India’s talent and cost arbitrage, along with its growing reputation as an innovation and R&D hub. The capacity addition in terms of both office space and headcount further validates the confidence in India's business environment. “The current year is set to be entrenched as a pivotal chapter in the growth story of India’s office market. Gross leasing in India’s top seven markets exceeded the 60 mn sq ft milestone for the very first time, reaching an impressive 62.98 mn sq ft, a significant 26.4% y-o-y increase. Notably, Q4 2023 proved to be the busiest quarter ever, with gross leasing reaching 20.94 mn sq ft. Additionally, the growth-oriented ecosystem in India continues to be a lucrative magnet for both domestic and foreign occupiers. Global corporations are channelling substantial investments into their India operations, while domestic occupiers are pursuing expansion strategies in response to this trend. In a year marked by global headwinds, these achievements are a testament to the market’s strong underlying fundamentals and growth prospects. They also solidify India’s position and firmly establish its credentials as the ‘office to the world’’, said Rahul Arora, Sr. MD – Karnataka and Kerala; Head - Office Leasing Advisory and Retail Services, India
Tags : JLL India ‘accelerated growth Rahul Arora Office Leasing Advisory Retail Services post-COVID milestone