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JLL Survey On Cities
The net leasing of office space rose 54 per cent year-on-year to 127.8 lakh square feet in January-March this year across seven major cities on higher demand for workspaces from corporates, according to JLL India. Real estate consultant JLL said the net absorption is calculated as the new floor space occupied less floor space vacated. Floor space that is pre-committed is not considered to be absorbed until it is physically occupied. Gross leasing of office space increased 28 per cent in January-March this year at 19.46 million (194.6 lakh) square feet, the highest among all previous first quarters of any calendar year. Gross leasing refers to all lease transactions recorded during the period, including confirmed pre-commitments but does not include term renewals. Deals in the discussion stage are not included. The seven cities are Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad and Pune.
Net absorption of office space rose 14 per cent annually during July-September period across seven major cities on better demand, according to JLL. Real estate consultant JLL's latest data showed that the net absorption of office space stood at 12.16 million square feet in the third quarter of this fiscal year as against 10.69 million square feet in the year-ago period. Net absorption is calculated as the new floor space occupied less floor space vacated. According to the data, the net absorption of office space in Bengaluru increased to 4.14 million square feet during July-September from 2.38 million square feet in the corresponding period of the previous year. The net demand in Chennai grew to 1.05 million square feet from 0.90 million square feet. Delhi saw net absorption of 1.92 million square feet as against 1.7 million square feet. Net absorption of office space rose to 1.85 million square feet from 1.53 million square feet. In Pune, the net office demand increased to 1.8