Office leasing in India skyrockets in 2023; Bengaluru leads: Colliers
Arpit Mehrotra, Managing Director of Colliers India highlighted that Bengaluru dominated the country with one-fourth contribution to office leasing. The National Capital Region (NCR) came back very strongly, followed by Chennai with absorption of 10 million square feet compared to the usual 5-6 million square feet.
A report from Colliers India indicates that the office leasing market in India reached unprecedented levels in the fourth quarter of 2023 with a record-breaking 58.2 million square feet of gross absorption. Bengaluru took the lead in office space absorption, and Chennai experienced a two-fold growth in the same quarter.
In an interview with CNBC-TV18, Arpit Mehrotra, Managing Director of Colliers India highlighted that Bengaluru dominated the country with one-fourth contribution to office leasing. The National Capital Region (NCR) came back very strongly, followed by Chennai with absorption of 10 million square feet compared to the usual 5-6 million square feet.
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He also discussed the resurgence of global capability centres (GCC) in India during Q4, indicating an increasing confidence level in the country. “We saw larger deals of around 100,000 square feet accounted for 50% of 2023 and that is a big thing because that shows that India’s capability globally is moving up,” Mehrotra added.
Mehrotra noted that among industries, technology stood out, claiming nearly 14 million square feet out of the total 58 million. Engineering and research and development also played a significant role. The flexible workspace industry experienced substantial growth, absorbing around 8.7 million square feet, making it the largest contributor to overall absorption within the flex industry. Global capability centres made equally substantial contributions to this achievement.
For the entire interview, watch the accompanying video
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