Kolkata witnesses 45.3% jump in office leasing in Jul-Sept qtr
Times of India | 7 October 2024
Kolkata: The city witnessed a 45.3% jump in office leasing during the third quarter of 2024 (Jul-Sept), from 3 lakh square feet to 5 lakh square feet, leading global consulting firm CBRE has announced.
According to the report, office space leasing from Jan-Sept this year was 12 lakh sq ft, compared to 10 lakh sq ft during the same period last year. The key sectors that drove absorption included BFSI (31%), research, consulting & analytics (25%) and flexi space operators 19%.
From Jul-Sept in Kolkata, HDFC Bank leased 2,00,000 sq ft in Candor Tech Space, Smartworks leased 50,000 sq ft in Godrej Genesis and Workshaala leased 23,000 sq ft in Mani Casadona.
The report highlighted that Kolkata office space take-up was driven by small-sized (less than 10,000 sq ft) deals during this quarter. The IT sector comprised 86% of space absorption, while the non-IT sector accounted for 6% and SEZ sector made up 8%.
On a pan-India basis, according to CBRE, office leasing is likely to record a historic high of Rs 7 crore sq ft in calendar year 2024 across top 9 cities. The last highest office leasing was recorded in CY 2019 at 6.6 crore sq ft.
Anshuman Magazine, chairman & CEO, India, South-East Asia, Middle East & Africa, CBRE, said: “India’s office market leasing is projected to remain strong in CY2024, with Q3 2024 reflecting sustained absorption. A growing number of industries are recognising potential of Indian talent and establishing their GCC operations.”