Office transactions record 29% YoY growth during Q3: Knight Frank India

As per the data, transaction volumes for offices have gone up but the rental levels have also stabilised or grown in YoY and sequential terms across all markets.

The commercial office sector recorded a 7-quarter high in leasing volumes activity in the third quarter of 2022. The transaction volumes have surpassed the pre-pandemic quarterly average of 2019 by 6 per cent and are currently growing at 29 per cent annually. Transaction volumes stood at 16.1 million square feet (mn sq ft) across top eight cities in India during Q3 2022, said a report by Knight Frank, a real estate consultant.

Bengaluru, the largest office market in India, accounted for 45 per cent of the space taken up during Q3 2022. Bengaluru led with 7.3 million (mn) sq ft,