The total leasing of office space stood at 4.6 million square feet in September last year and 3.9 million square feet in the previous month, according to JLL India Aggregate Monthly Office Leasing Tracker.
The data includes confirmed pre-commitments and ongoing renewals. Offers in the discussion stage are not included.
Mumbai, Delhi-NCR and Pune were the top three cities, accounting for three-quarters of all rental activity in September 2022.
The BFSI (Banking, Financial Services and Insurance) sector emerged as the strongest driver of overall market activities in September with a share of 26 percent, followed by technology firms at 22 percent.
Samantak Das, Chief Economist and Head of Research, JLL India, said offices are increasing and hence demand is strong.
However, he said: “We will approach the end of the year with global headwinds likely to affect demand momentum as occupiers pause to observe macroeconomic signals before embarking on future property growth plans.”
According to the JLL data, India’s Grade A (superior) office stock stood at 732 million sq ft at the end of the March quarter. The office stock of other grades was 370 million square feet, taking the total stock to about 1.1 billion square feet.