Commercial leasing on a roll, rises 58% to 24-mn square feet in H1 of 2018

Office space absorption jumped 58 per cent in the first half of this calendar year to 24-million square feet with cities like Mumbai, Bengaluru and Delhi-National Capital Region taking the lead. Overall absorption during the first half of 2017 stood at 15.18 million square feet in the commercial real estate space.

A report titled 'India's Real Estate Milestones - A 20-year narrative', which was brought out by the Confederation of Indian Industry (CII) and property consultancy JLL India said companies leased 8 million square feet more space in the first half of 2018.

Momentum in the leasing activity was primarily driven by demand from large technology companies, co-working, financial services and global in-house data centres, which was a reflection of the current economic environment.

"Occupiers are not only inclined towards space take-up as part of their consolidation or relocation plans but are also geared up towards expansion-driven space strategy which is a pointer towards an upswing in the business cycle," the report said.