Growth in Demand and Supply

The report notes significant growth in demand in Singapore, which saw a twelvefold increase in leasing volumes year-on-year. The Philippines and Japan also recorded robust gains of 56% and 55% respectively. New supply also saw a sharp increase, rising 45.4% year-on-year to 4.8 million square metres (51.7 million square feet), outpacing demand in most markets. Australia, New Zealand, and Japan registered strong growth in new supply, each with an annual increase exceeding 80%. Overall, eight out of 11 markets saw an increase in new supply during H1 2025.

India’s Strong Performance

India remains a key driver of the APAC office market, with a more than 70% share in leasing and 48% of new supply in H1 2025. This robust performance is attributed to factors like occupier expansion, sustained GCC (Global Capability Centers) activity, and a diversifying demand base. Domestic demand is particularly strong, accounting for 46% of the total leasing of 3.13 million square metres (33.7 million square feet) across the top seven Indian cities.

Future Outlook

The report indicates that a “flight to quality” is reshaping the region’s office landscape, as companies seek prime Grade A assets that align with their values and future ambitions, including flexibility and sustainability. While ongoing supply additions may pressure vacancy rates, rental growth is anticipated in select high-performing markets. The structural shift towards premium, green-certified properties is expected to define the next phase of growth, fostering a more resilient and future-ready office landscape.

Also Read: India Defies Global Office Rental Slump, Posts Record Growth in Leasing

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With India’s housing market experiencing an ongoing boom, 2024 is projected to be the best year yet for home sales, with approximately 3 lakh homes worth ₹510,000 crore expected to be registered in top metros by the year’s end. This surge in sales has been largely driven by economic growth, improved infrastructure, and robust demand, leading to rising capital values.

As we navigate India’s ever-evolving real estate landscape, 2024 will continue to be a year of significant transformation. Luxury housing, particularly homes priced between ₹10 crore and ₹80 crore, witnessed a steep rise in demand, particularly in posh areas like Worli, Peddar Road, Napeansea Road, Malabar Hill, and Bandra. At the same time, there was equally strong demand for affordable 1 & 2 BHK homes under ₹2 crore, in suburban locations like Andheri, Kandivali, Chandivali, Mulund, Bhandup, Thane, Goregaon, and Dahisar.

One of the defining trends of 2024 has been the growing emphasis on green living and smart infrastructure. The residential segment saw a marked rise in demand for homes located within integrated townships that prioritize open green spaces, reflecting the luxury lifestyle quotient for the year.

On the commercial front, India’s office market exceeded expectations, with record-high leasing activity in 2024. About 58-60 million sq. ft. of new office developments were completed by the end of the year, highlighting strong demand in this sector.

In addition, the Maharashtra state government recognized the critical role infrastructure plays in economic growth, increasing its capital outlay to ₹8.7 lakh crore in 2024. This investment is being used to complete several ambitious infrastructure projects that are rapidly transforming Mumbai’s landscape. Key projects, including the Coastal Road, Navi Mumbai International Airport, Mumbai Metro Line 3, and the Versova-Bandra Sea Link, are improving connectivity, fuelling expansion in the real estate market, and elevating the city’s quality of life.

The increased infrastructure and connectivity in these cities have also contributed to rising property rates, with peripheral micro-markets benefiting from the overall development. Urbanization continues to accelerate as more people move to metropolises for better employment opportunities and enhanced living standards. Demographic shifts, including the rise of nuclear families and the affluence of young professionals, have led to greater demand for urban housing, a trend set to continue in the coming years.

India’s housing market remains on strong footing, and 2024 is expected to close as the best year ever in terms of sector performance. The continued buoyancy of India’s residential market, supported by strong fundamentals, is a testament to the country’s growing real estate potential.

Also Read: Ajay Devgn real estate

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The Asia Pacific office market has shown a robust recovery, with demand surging 10.7% year-on-year (YoY) in Q3 2024, according to the latest Colliers data. The report highlights a significant increase in leasing activity across the region, with demand reaching 2.2 million square meters (23.7 million square feet) in the third quarter, signaling a positive outlook for 2025.

The growth was particularly strong in key markets such as India, New Zealand, and Singapore, where annual leasing activity exceeded 30%. India continued to dominate the region, accounting for over 70% of total demand in Q3 2024, with demand primarily driven by Bengaluru and Hyderabad. India alone saw leasing activity of 1.61 million square meters (17.3 million square feet), far outpacing other markets like China, which contributed 17% of the region’s total demand.

As a result of this surge in demand, average rental rates for Grade A office spaces in major Indian cities rose by up to 10% annually in Q3 2024. This uptick follows a significant recovery phase in India’s office market, which is now poised for expansion. Experts expect rental growth to continue across the country’s top cities, aligning with trends seen in markets like Australia, Japan, and New Zealand.

“The Indian office market is entering a new phase of growth, with increasing demand for premium, ESG-aligned office spaces,” said Arpit Mehrotra, Managing Director of Office Services at Colliers India. “Occupiers’ appetite for best-in-class facilities and green-certified buildings is driving leasing activity, and we expect to see further rental firming as developers integrate sustainable features into new developments.”

The report also notes that demand for high-quality office spaces is a key driver of growth across the region, as businesses prioritize productivity, sustainability, and adaptability in their work environments. This trend, known as the “flight to quality,” is particularly noticeable in India, where premium office spaces are seeing the most significant uptake.

“With the region’s economic outlook remaining positive, office markets are expected to stay resilient, with a strong focus on sustainable, high-quality workspaces,” said Vimal Nadar, Senior Director & Head of Research at Colliers India. “India’s commercial real estate market, in particular, is set to continue its upward trajectory, with a projected uptake of 5-6 million square meters (54-64 million square feet) of Grade A office space in 2024.”

As supply catches up with demand, significant project completions in major APAC markets are expected to fuel further growth in the coming quarters. While rental growth is anticipated to remain stable across the region, the supply-demand balance will play a crucial role in shaping future market conditions.

Mike Davis, Colliers’ Managing Director of Occupier Services in APAC, concluded: “The office market in Asia Pacific is primed for continued growth, driven by the evolving needs of occupiers who prioritize flexibility, sustainability, and innovation in their workspaces.”

The data suggests a promising future for the Asia Pacific office market, with India leading the way as a key player in the region’s commercial real estate landscape.

Also Read: Metro Group Unveils ‘The Presidential’ in Thane with India’s First Live Construction Tracker

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Bengaluru and Hyderabad were the driving forces behind this surge, together accounting for over half of the quarterly space uptake. Bengaluru recorded its highest-ever quarterly leasing at 6.3 million square feet, while Pune witnessed a remarkable 160% increase with 2.6 million square feet leased, compared to Q3 2023.

New office supply also kept pace with demand, with completions totaling 14.4 million square feet in Q3 2024, a 33% increase year-on-year. Bengaluru and Hyderabad contributed significantly to this new supply, while Delhi-NCR saw its highest quarterly infusion in the last two years, adding 3.3 million square feet, primarily in the South Delhi micro-market.

“Office demand across various sectors has been impressive over the past few years, resulting in new leasing highs,” stated Arpit Mehrotra, Managing Director of Office Services, India, at Colliers. He noted that large-sized deals of over 100,000 square feet constituted 65% of total leasing in Q3 2024, highlighting the confidence occupiers have in the market.

The technology and BFSI sectors continued to lead the demand for office space, with the tech industry driving approximately 25% of the overall demand in Q3. Flex space leasing also hit a new quarterly high, with 3.4 million square feet leased, accounting for nearly 20% of total leasing activity.

Overall, vacancy rates remained stable, hovering around 17% at the end of Q3 2024, as demand continued to outstrip supply in major markets. With the strong performance of Grade A office leasing, the outlook for the rest of the year remains optimistic, particularly as large enterprises seek to expand their footprints in key urban centers.

Also Read: Flex Spaces to Play Major Role in Office Expansion, Survey Reveals

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·       Q2 2024 saw 15.8 million square feet of leasing across the top 6 cities

·       Developer confidence remains strong with 13.2 million square feet of completions in Q2 2024

·       With 52% cumulative share in Q2 2024, Bengaluru and Mumbai drive India office demand

·       Technology and Engineering & manufacturing sectors account 45% of quarterly demand, highest flex space activity in any quarter

Office market continued its strong performance in Q2 2024, registering 15.8 million square feet of office leasing across the top 6 cities, marking a notable 16% rise over previous quarter. 4 out of 6 cities saw more than 20% increase in office leasing in the second quarter on a sequential basis, signaling robust occupier confidence and market sentiment. Bengaluru and Mumbai led the office demand in Q2 2024, cumulatively accounting for more than half of India’s leasing activity. Office space demand in these two cities were driven by occupiers from diverse sectors such as BFSI, Technology and Engineering & Manufacturing.

After a prolonged phase of steady demand, Mumbai has seen a significant 3.5 million square feet of leasing during this quarter, twice the levels as compared to Q2 2023. This is mainly attributable to strong demand from newly completed office supply during the quarter.

“Driven by consistent demand across consecutive quarters, 2024 has already seen impressive leasing activity to the tune of 29.4 million square feet of office space, marking a 19% increase compared to the same period last year. The demand for quality office spaces continues to surge, reflecting the confidence of occupiers and investors alike. Anticipated easing of global financial headwinds and continued resilience in domestic economy augurs well for sustained growth in India’s office market. A strong H1 performance has set the tone for office space demand to comfortably surpass 50 million square feet for the third consecutive time in 2024.” says Arpit Mehrotra, Managing Director, Office services, India, Colliers.

Trends in Grade A gross absorption (in million sq feet)

Source: Colliers

Gross absorption: does not include lease renewals, pre-commitments and deals where only a letter of Intent has been signed.

Top 6 cities include Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai, and Pune

Nearly 23.0 million square feet of Grade A supply added in H1 2024

During Q2 2024, new supply across the top 6 cities surged 6% YoY, at 13.2 million square feet. Mumbai accounted for 30% share in new supply, followed by Hyderabad at 27% share. Interestingly, on account of few prominent projects receiving completion certificates in Mumbai, new supply in Q2 2024 stood at 4.0 million square feet, the highest incremental quarterly supply in the past 3-4 years. Overall, with significant project completions and substantial materialization of pre-commitments, the first six months of 2024 have been particularly strong for the Mumbai office market.

Trends in Grade A new supply (in million sq feet)

Source: Colliers

Top 6 cities include Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai, and Pune

With highest ever quarterly leasing, flex space momentum to continue in 2024

Technology and Engineering & Manufacturing remained the front runners during Q2 2024, accounting for almost half of the total demand during the quarter. Flex spaces also saw healthy leasing of 2.6 million square feet across the top 6 cities, highest in any quarter. Bengaluru and Delhi-NCR accounted for 65% of the flex space leasing activity, indicating rising demand for such spaces in these markets.

“Overall office leasing continues to remain broad based in the first half of 2024. Although, with 25% share, Technology sector drove office demand during H1 2024, leasing activity by occupiers from BFSI and Engineering & Manufacturing sectors witnessed healthy traction. Flex space activity across the major cities continues to grow from strength to strength. Flex operators have already leased about 4.4 million square feet of office space in H1 2024, underscoring the occupiers’ continued preference for flex spaces. This also reflects the evolving needs for agility and adaptability in the modern business environment”, says Vimal Nadar, Senior Director and Head of Research, Colliers India.

Overall, with demand outpacing supply, vacancy levels remained under check across the major markets, hovering around 17% by the end of Q2 2024. While rentals have increased as compared to the previous year, they have largely remained stable on a sequential basis.

Key deals Q2 2024 Pan India –

Also Read: Leasing by Global Capability Centres in India surged ~17 % year-on-year

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– Bengaluru & Mumbai record highest net absorption of 3.6 and 2.5 MSF respectively 

– Gross leasing volume crosses 20 MSF, registering a 33% increase y-o-y

– Bengaluru and Mumbai together hold 57% of share in total leasing volumes

The Indian office market continues its positive trajectory, registering a net absorption of 11.5 MillionSquare Feet (MSF) across top 8 cities in Q1-24, according to Cushman & Wakefield’s Q1 office data. This is the third-highest level recorded in the last five years, demonstrating a robust appetite for office space among businesses. Net absorption is a barometer of real demand or expansion of occupied space in the market. 

While this quarter’s net absorption was 38% lower than the exceptional Q4-2023, it was a 44% increase over Q1 2023, indicating continued space occupation by businesses. Bengaluru and Mumbai emerged as the leading markets, absorbing 3.6 MSF and 2.5 MSF of space, respectively. They were followed by Hyderabad at 1.6 MSF, Delhi-NCR at 1.5 MSF and Pune at 1.3 MSF, Ahmedabad and Kolkata at 1 MSF, and Chennai at .8 MSF.

According to the report, the Gross Leasing Volume (GLV) also remained robust at over 20 MSF, a 20% decrease q-o-q but a steep rise of 33% on y-o-y basis. Gross leasing volume, which factors in all leasing activity in the market, including renewal of contracted term by corporates, is an indication of overall market activity. This quarter’s figures signify a resilient market with sustained interest in office space. 

Nearly a third of the entire India GLV was recorded in just one city, Bengaluru (6.7 MSF), followed by Mumbai (4.8 MSF) with a share of one-quarter. The two cities combined had a share of over 57% in total leasing volumes for the first quarter. A significant contribution to Bengaluru’s healthy leasing volume was 4.8 MSF of fresh leasing activity, and the city accounted for 33% of total fresh space leasing across the top-8 markets. The city also received close to 2.0 MSF of pre-commitments during Q1-24, thereby making it the largest contributor amongst all.

In line with the trend seen in recent past, fresh leasing continues to dominate GLV with 72% share, with pre-commitments and term renewals taking-up the balance 28% in GLV. 

Among the sectors, IT-BPM and Engineering & Manufacturing sectors emerged as the major drivers of demand, contributing over 45% to the GLV. The BFSI and Flex Space leasing followed with ~17% and ~11% shares, respectively. 

Global Capability Centers (GCCs) took-up close to 4.5 MSF (~22% share in GLV) of office space in Q1, further consolidating the belief that this sector is having a positive influence on office market of India. 

The first quarter also witnessed close to 13 MSF of new supply, continuing the momentum of healthy supply from previous quarters. The cities that saw the biggest supply additions were Hyderabad (2.9 MSF), Bengaluru (2.9 MSF) and Delhi-NCR (2.8 MSF). These three, together accountedfor over 67% of total supply in top-8 cities. The new supply, coupled with strong absorption, led to a slight decline in the national vacancy rate to 18.1%. Notably, Mumbai’s supply-constrained market witnessed the sharpest vacancy rate drop by 1.22% points to ~17%. 

Rents across most cities exhibited a slight upward trend, reflecting the positive market sentiment and rising demand.

Commenting on the Q1 numbers, Anshul Jain, Chief Executive, India & Southeast Asia and Head of Asia Pacific Tenant Representation said, “The Indian office market is experiencing a robust momentum. We haven’t witnessed 20 MSF of leasing being recorded for two consecutive quarters in recent history. This strong performance may signal a shift and has the potential to become the new standard for the Indian market. The strong leasing, coupled with net absorption of 11.5 MSF– the third highest in the past five years (the previous being in Q4 2023 and Q2 2019) – signifies a surge in tenant interest for office space. As witnessed in the previous quarters, the impressive surge in office demand is primarily driven by fresh leasing. We are confident that a balanced supply pipeline and continued tenant demand will propel further growth in the Indian office market.”

Adding on to this, Veera Babu, Managing Director, Tenant Representation, India said, ” The tightness in vacancy rates, particularly in key markets lik​e Bengaluru, Pune, and Mumbai, is noteworthy. This trend persists despite new supply additions in most cities, indicating a strong and growing demand for office space. This could push occupiers to act proactively by pre-committing in the upcoming quarters, ensuring they secure the right space for their needs. Overall, the outlook for the office sector remains positive for the year ahead.”

Also Read: Office leasing surges by 35%

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JLL India states that the net absorption in India’s top seven office markets breached the 40 mn sq ft mark and stood at 41.97 mn sq ft in 2023. This not only marks a new post-COVID milestone but also positions it as the second highest annual absorption, trailing only the levels recorded in 2019.

The year has set the platform for India’s office market to enter a phase of ‘accelerated growth’. While net absorption in the first half of the year was subdued, the pace of expansion from corporates quickened in the latter half of the year, reaching unprecedented heights in the final quarter. As a result, office net absorption during the year exceeded even the best scenario estimates of 39.0 mn sq ft as per JLL’s 2023: Year in Review report. This growth was fueled by India’s talent and cost arbitrage, along with its growing reputation as an innovation and R&D hub. The capacity addition in terms of both office space and headcount further validates the confidence in India’s business environment.

Source: Real Estate Intelligence Service (REIS), JLL Research

“The current year is set to be entrenched as a pivotal chapter in the growth story of India’s office market. Gross leasing in India’s top seven markets exceeded the 60 mn sq ft milestone for the very first time, reaching an impressive 62.98 mn sq ft, a significant 26.4% y-o-y increase. Notably, Q4 2023 proved to be the busiest quarter ever, with gross leasing reaching 20.94 mn sq ft.. Additionally, the growth-oriented ecosystem in India continues to be a lucrative magnet for both domestic and foreign occupiers. Global corporations are channelling substantial investments into their India operations, while domestic occupiers are pursuing expansion strategies in response to this trend. In a year marked by global headwinds, these achievements are a testament to the market’s strong underlying fundamentals and growth prospects. They also solidify India’s position and firmly establish its credentials as the ‘office to the world’’, said Rahul Arora, Sr. MD – Karnataka and Kerala; Head – Office Leasing Advisory and Retail Services, India

Bengaluru and Delhi NCR lead the way, unprecedented market activity in Chennai

Bengaluru and Delhi NCR emerged as clear frontrunners in the market, accounting for 24.6% and 22.1% of the overall gross leasing in 2023, respectively. Chennai, the surprise package, followed with a significant share of 15.1%. Notably, it achieved a historic high of 9.50 mn sq ft in gross leasing during the year.  Hyderabad followed closely with 9.26 mn sq ft. Mumbai and Pune followed in that order. Kolkata witnessed a resurgence in market activity with gross leasing recorded at a historic high of 1.90 mn sq ft.

In Q4 2023, Bengaluru maintained its leadership position with leasing activity amounting to 5.56 mn sq ft, followed by Delhi NCR at 3.80 mn sq ft. Chennai exhibited remarkable growth with quarterly leasing recorded at 3.41 mn sq ft. Hyderabad and Mumbai also demonstrated strong activity, with 2.74 mn sq ft and 2.70 mn sq ft, respectively.

GCCs and flex occupiers remain key drivers of leasing activity

India’s growth-oriented ecosystem continues to attract both domestic as well as foreign occupiers, as global corporations make significant investments into their India operations and domestic occupiers follow expansion strategies.

However, there has been a shift in demand composition, with the tech sector’s share decreasing to 20.9% in 2023, its lowest in over a decade. This decline can be attributed to the sluggish space take-up by third-party outsourcing firms, given global headwinds and slower revenue growth.

In contrast, there has been increased traction from the manufacturing/industrial and BFSI sectors, particularly through the establishment of GCCs. Both segments set new records in leasing volume, with each leasing ~11.3 mn sq ft of office spaces during the year. Flex space providers also enjoyed greater occupier acceptance, leasing a historic high of ~10.3 mn sq ft. The consulting segment demonstrated robust demand as well, leasing ~6.1 mn sq ft, indicating sustained and secular demand across all major occupier categories.

In Q4, the tech sector saw a resurgence in space take-up, capturing a 23.2% share, followed by significant activity from the BFSI and the manufacturing/industrial segments. Flex space take-up was slightly slower in Q4, accounting for a share of 13.6%. Nonetheless, the segment continues to witness strong momentum, driven by managed space operators and high demand from occupiers across various industries.

Grade A office stock crosses the remarkable milestone of 800 mn sq ft

Grade A office stock in the top seven cities achieved a significant milestone, surpassing 800 mn sq ft, further solidifying India’s position as a prime destination for office spaces. In the fourth quarter of 2023, new completions kept pace with leasing activity, reaching 18.75 mn sq ft. New completions during the quarter were headlined by Hyderabad which accounted for a 33.4% share, followed by Mumbai with an 17.8% share. Bengaluru and Chennai followed with 14.3% and 13.5% shares, respectively.

For the entire year of 2023, new completions stood at 53.64 mn sq ft, a marginal decrease of 7.9% y-o-y. Hyderabad and Bengaluru combined to contribute 56.9% of the annual supply, with other significant contributors being Chennai and Delhi NCR.

Vacancy decreases by 10 bps

Vacancy on a pan-India basis stands at 16.7%, a modest 10 bps decrease q-o-q. Core markets and superior quality institutional assets continue to find favour from occupiers resulting in significantly lower vacancy rates, usually in the single digits. It reflects occupiers’ clear preference for such premium assets that possess sustainability certifications and aligns with their organizational objectives of enhancing employee satisfaction, maintaining high health and safety standards, promoting efficiency, and implementing corporate net-zero strategies.

Outlook: Net absorption to align more closely with 2019 levels

“India’s office market has demonstrated unmatched resilience and continues to defy global sluggishness, with strong underlying fundamentals supporting sustained growth in demand. Over the next 3-4 years, we anticipate that the market activity witnessed in 2019 will become the new norm. Net absorption levels in India’s office market will align more closely with 2019 levels, hovering in the 45 – 48 mn sq ft range. The market activity is expected to be primarily driven by the entry of new GCCs into the country, along with existing GCCs expanding their operations. Additionally, India’s manufacturing policies are likely to attract high-end R&D work. Flex space providers are also expected to continue their momentum as they become an integral part of occupiers’ portfolio strategies”, said Dr. Samantak Das, Chief Economist and Head of Research and REIS, India, JLL

Also Read: Office sector sees robust demand with projected net absorption of 37-39 mn sq ft in 2023

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The deal that was registered on November 16, this year saw Skechers buying 32,644 sq. ft. saleable area from Lakepoint Builders Pvt. Ltd.

The property details include Units: G01, G02, 303, 303A, 304, located in Fulcrum Building, Shankar Mandal Road, Andheri East, Mumbai.

According to documents provided to SquareFeatIndia by CRE Matrix, a real estate data analytics firm, the stamp duty paid for the registration of the deal is ₹4.30 crore.

Along with the office units Skechers will also have access to 28 car parks in the building.

According to CRE Matrix, in February 2022, Skechers South Asia Pvt Ltd had bought office spaces in same building for ₹175 crore.

Also Read: Janhvi, Khushi & Boney Kapoor buy Bandra Duplex for Rs 65 Cr

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By Varun Singh

Office market in the real estate industry has sort of exceeded the expectations. This sector in the realty market has seen a better transaction period, and even better completion.

According to a report released by JLL India an international real estate consultancy firm, the Indian office market is setting new benchmarks in an otherwise gloomy economic climate.

According to a JLL research on “Office Pre-commitment” releasedtoday, “Nearly 52-mn sq ft of Grade A office space was completed and more than 46-mn sq ft absorbed in 2019 in the seven major markets of India. This historic leasing activity was backed by strong pre-commitment at more than 50% of the Grade A supply.”

Despite an expected decline of office space supply in 2020 to 47.5 million sq ft from over 51 million sq ft in 2019, net absorption is likely to clock a robust over 40 million sq ft mark backed by significant pre- booking  or pre-leasing of space to the tune of 30% by occupiers. The net absorption for the year 2020 will be much higher than the annual average for the last five years which stood at 35 million sq ft.

“The strong pre-commitment activity is an indication of the intrinsic strength of the Indian office market. Moreover, it bears testimony to the increasing importance of real estate in the business plan of corporate occupiers. In markets that have a shortage of quality office supply and increasing pressure on rents, the need to plan for future space requirements becomes critical. Hence, single digit vacancy markets drive pre-commitment levels with large companies finding it viable to commit to office spaces in the under construction phase,” says Ramesh Nair, CEO and Country Head, JLL India.

Markets like Hyderabad, Chennai and Pune that have very limited availability of Grade A quality office supply lead in pre-commitment activity. Hyderabad witnessed the highest pre-commitment levels amongst the seven major markets in India, with more than half of the expected supply in 2020 already pre-committed. Even within these cities, pre-commitment activity is concentrated in the primary submarkets that have low single-digit vacancies.

Also Read: Hyderabad, World’s Most Dynamic City: Global Index

Lastly, it is pertinent to note that most pre-commitment deals are witnessed in projects by reputed developers with a proven track record of timely delivery. Well-planned amenities and contiguous large floor plates are important factors that entice occupiers to pre-commit to spaces.

“IT-ITeS occupiers account for a majority of the pre-commitment leases across most of the top office markets in India. They constitute more than 50% of the pre-committed office space in 2020.  These occupiers require larger floor plates and this type of arrangement becomes a necessity in markets with limited availability of Grade A office spaces. Occupiers from the BFSI and co-working sectors are the next big contributors to pre-commitment in 2020 with a share of 13% each,” says Dr. Samantak Das, chief economist and ED, JLL India.

Also Read: Office transactions hit historic high of 60.6 msf in 2019

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