Office demand soars: 47 msf in 9 months, at 23% yoy growth
Strong leasing activity in the first three quarters of 2024 has pushed Grade A office space demand to 46.7 million sq ft across the top six cities of the country. Building on the momentum in first half of the year, Q3 2024 saw space take-up to the tune of 17.3 million sq ft, a 31% year-over-year (YoY) growth. Bengaluru and Hyderabad accounted for over half of the leasing activity during this period. Bengaluru registered its highest ever leasing in any quarter at 6.3 million sq ft, continuing its dominance in the office market. Pune, notably, with 2.6 million sq ft of leasing activity, recorded 2.6X times space take-up compared to Q3 2023.
