Bengaluru records highest absorption at 7.9 million square feet
Chennai witnessed a staggering 92 per cent increase in office space absorption at 2.3 million square feet, followed by Pune, which saw 50 per cent growth at 2.1 million square feet.
Bengaluru with 34 per cent growth saw record highest absorption at 7.9 million square feet amongst seven (Chennai, Pune, Mumbai, Delhi, Hyderabad and Kolkata) key markets. Delhi-NCR witnessed 25 per cent at 4 million square feet. Mumbai office space absorption grew marginally at 2 per cent with 4.2 million square feet. Hyderabad and Kolkata recorded absorption of 2.2 million square feet and 0.7 million square feet respectively.
On all India basis, the commercial office sector continued to witness strong growth momentum with an 18 per cent on year increase in net absorption at 23.4 million square feet during January–September 2018 period. “This double-digit growth is driven by strong economic fundamentals, demand for good quality grade A office space, institutional investments in commercial office assets along with the co-working office trend catching up in key markets,” said Ramesh Nair, CEO and Country Head, JLL India.