Led by global capability centres (GCCs), office space transactions in India reached 19 million square feet in the July-September period (Q3) — an 18 per cent year-on-year increase, a report showed on Thursday.
This is the highest quarterly absorption since Q1 2018. The year has already registered leasing of 53.7 million square feet, 27 per cent higher YoY, in the first nine months of the year — set to breach a fresh annual high, according to the report by Knight Frank India.
GCCs accounted for 7.1 million square feet or 37 per cent of the transacted volume during Q3 2024, while India facing businesses took up 6.6 million square feet or 35 per cent of the transacted volumes.
India’s sustained economic growth is driven by strong business performance, and the positive sentiment is clearly reflected in the strength of the office market.
India-facing businesses and GCCs have continued to expand operations, remaining the primary drivers of increased volumes. We expect this trend to continue for the rest of the year, with the possibility of office leasing numbers crossing 70 million square feet by the end of 2024, a 20 per cent growth over the previous high,ā said Shishir Baijal, Chairman and Managing Director, Knight Frank India.