Mumbai: According to a survey released on Friday, large office spaces accounted for 45 percent of all commercial transactions in the country’s eight largest cities between January and June of this year.
Hyderabad and Mumbai ranked second and third in large office space transactions, with 3.08 mn sq ft and 2.66 mn sq ft, respectively.
The report by Knight Frank India stated that transactions for office spaces above 100,000 square feet recorded a substantial YoY growth of 54 percent in the first half of 2024—at 15.69 million square feet from 10.18 million square feet in H1 2023.
Office space leasing in the mid-segment, or spaces between 50,000 sq ft and 100,000 sq ft, was recorded at 7.28 mn sq ft, witnessing a 70 percent YoY growth.
Mumbai and Delhi-NCR witnessed the highest transactions in the mid-office space segment, at 1.57 mn sq ft each, followed by Hyderabad, at 1.29 mn sq ft.
The report noted that office space leasing in small offices or spaces below 50,000 sq ft was recorded at 11.7 mn sq ft, witnessing a moderate growth of 0.08 percent YoY.
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Bengaluru’s commercial market continued to witness leasing domination in office spaces with 100,000 sq ft. In H1 2024, large office spaces contributed 53 percent to Bengaluru’s total office transaction volumes, amounting to 4.5 million sq ft.
According to Shishir Baijal, Chairman and Managing Director, Knight Frank, the rise in office space transactions is primarily fuelled by corporations establishing Global Capability Centres (GCCs) to expand their long-term operations in the market.
“Flexible workspaces remain vital, providing adaptability and cost savings for sectors such as third-party IT services and startups,” he mentioned.
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–IANS
