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Office Leasing In Mumbai Touch 12.1 Mn. SqFt. In 2024

Office Leasing In Mumbai Touch 12.1 Mn. SqFt. In 2024

BY Realty+
Published - Tuesday, 07 Jan, 2025
Office Leasing In Mumbai Touch 12.1 Mn. SqFt. In 2024

Office space leasing in Mumbai touched 12.1 mn. sq. ft. in 2024. Oct-Dec’24 quarter recorded highest quarterly leasing during CY 2024 at 5.6 mn. sq. ft, as per latest report by CBRE South Asia Pvt. Ltd,

Oct-Dec’24 leasing activity in Mumbai recorded consistent demand, primarily driven by the BFSI sector, which accounted for a significant 45% of the total absorption. Flexible space operators and research, consulting, and analytics sectors also fuelled this quarter's growth, accounting for 15% and 11% of the absorption, respectively.

The report highlighted that Mumbai's office space take-up in Oct-Dec’24 contributed to 15% of overall India absorption during the quarter and was primarily driven by small-sized deals. The city also accounted for 11% share of GCC (Global Capability Centers) leasing activity and recorded 19% share in leasing in green-certified spaces.

On a pan-India basis, overall, office leasing recorded a historic high of 79 mn. sq. ft. in 2024 across nine cities. The absorption marked a 16% Y-o-Y growth, setting a new benchmark for leasing activity. Total supply during CY 2024 stood at 52.3 mn. sq. ft.

Bengaluru dominated office space absorption during the year, accounting for approximately 28% share of the total, followed by Hyderabad with 16% and Mumbai with 15% share. In 2024, approximately 52.3 mn. sq. ft. of new office space was completed, with Bengaluru, Hyderabad, and Pune collectively accounting for 67% of the total supply addition.

According to the report, GCC's leasing share stood at 37% of total office leasing in CY 2024. Technology companies saw an increase in office space demand, driven by the expansion of GCCs that capitalized on India’s skilled workforce and favourable business environment, as well as demand from domestic tech firms. Technology sector accounted for 24% of the total leasing activity, followed by flexible space operators at 19%, BFSI firms at 16%, and engineering and manufacturing companies at 9%.

Domestic firms continued to lead the space take-up in CY 2024, accounting for 45% of the total office space absorption, followed by companies from the Americas at 34%, EMEA at 16%, and APAC at 5%. The leasing activity by Indian firms was predominantly driven by flexible space operators, technology companies, and BFSI corporates.        

On a quarterly basis, office leasing touched the highest ever in Oct-Dec’24 at 22.2 mn. sq. ft.  Mumbai, followed by Hyderabad and Bengaluru led the absorption, together accounting for about 66% of the space take-up. In the Oct-Dec’24 period, supply reached 16.1 mn. sq. ft., with Hyderabad, Bengaluru, and Pune contributing to much of the supply addition, collectively accounting for approximately 69%.

In the quarterly breakdown, technology companies led office leasing with a share of 26%, followed by flexible space operators (21%), BFSI firms (17%), research & consulting companies (10%), engineering & manufacturing corporates (9%), life sciences firms (7%), and others (11%).

The report indicates that in the Oct-Dec’24 period, leasing in green-certified assets accounted for 56% of total leasing activity, while the green-certified supply share was noted at 45%. Hyderabad led the leasing activity in green-certified spaces with a 27% share, followed by Bengaluru at 21%, Mumbai at 19%, Delhi-NCR at 12%, Pune at 10%, Chennai at 9%, and Ahmedabad and Kolkata each at about 1% share.

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