Monthly aggregate office leasing activity up 1.48X Y-o-Y at 5.8 mn sq ft: JLL. June witnessed a significant jump in the number of transactions
By Varun singh
Leasing activity remains robust with space leased up 1.48X Year-on-Year (Y-o-Y) in June 2022. On a monthly comparison basis, leasing activity is slower by just 5% in June 2022. The top four cities with a cumulative share of 87% in monthly leasing activity for June 2022 are Bengaluru, Chennai, Mumbai, and Delhi NCR in that order.
A significant increase in the number of deals both Y-o-Y and Q-o-Q is indicative of rising occupier activity which is in sync with rising occupancy levels in offices. Mumbai led with the maximum number of deals during June 2022 followed by Chennai and Delhi NCR.
Tech occupiers continue to remain the key drivers of the aggregate market leasing activity in June 2022 with a 35% share. Healthcare occupiers are pushing the share of the composite occupier category of telecom, real estate & construction with BFSI showing a near-doubling of its share month-on-month.
Tech and BFSI are growth drivers as usual; healthcare shows promising growth
“Market leasing activity showed robustness in June with a 1.48X y-o-y growth and with over 280 deals recorded during the month, indicating that occupier activity has stayed the course with return to work and hybrid workplace strategies supporting an increase in office occupancy levels. On a q-o-q basis, there was a slight decline, a trend on which we will keep a close eye given the global headwinds that may impact market leasing activity as occupiers are likely to be cautiously optimistic about growth-oriented real estate space requirements.” Dr. Samantak Das, chief economist, and head research and REIS, India, JLL.
