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Gross leasing activity in India touched 11 mn sq ft in Q1 of 2019: Colliers

Tech & IT-BPM sector accounted for the largest share at 38%

Press Trust of India  |  Gurugram 

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Total gross leasing activity in touched almost 11 million sq. ft. during the first quarter of 2019, as tech and IT continue to expand, along with the rapid expansionary mode of flexible workspaces. Occupiers continued to expand across cities led by a robust business ecosystem, undeterred by the upcoming The leasing activity, although robust, declined by 10% from the corresponding quarter last year due to delay in quality supply in top markets such as Bengaluru, Hyderabad, Pune, etc.

"Bengaluru accounted for the highest share in leasing (31%) followed by and Chennai, which had a share of 19% and 14%, respectively. The southern cities continued to outperform, with leasing in doubling, while recorded a 60% jump in leasing. are still in the expansion mode led by a robust business support ecosystem," said Ritesh Sachdev, Senior Executive Director, at

Tech & IT-BPM sector accounted for the largest share at 38%. Flexible workspaces (co-working) have contributed close to 30% of office leasing. The demand for space was not only led for foreign players, but also home-grown operators who are rushing to capture a pie of this space. The absorption by flexi-operators will pick up pace in the wake of developers jumping onto the bandwagon.

New supply during the quarter declined by 17%, to 7.7 million sq. ft. About 58% of the supply (3.0 million sq. ft.) was seen in Bengaluru market, followed by at 0.8 million sq. ft.

"The year has started on a positive note and we expect leasing to remain healthy for the rest of the year. We see demand from IT occupiers in the form of captive centers to continue to remain strong, along with take-up by flexible workplace operators. Interestingly, Tech & IT-BPM sector accounted for the largest share at 38%, and Flexible workspaces (co-working) contributed close to 30% of office leasing - the highest share ever for the space," says Megha Maan, Senior Associate Director, at

About Group Inc.

Colliers International (NASDAQ: CIGI) (TSX: CIGI) is a leading global and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.

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First Published: Thu, April 04 2019. 17:25 IST
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