{"id":70215,"date":"2023-07-11T13:33:32","date_gmt":"2023-07-11T08:03:32","guid":{"rendered":"https:\/\/navimumbaihouses.com\/blog\/?p=70215"},"modified":"2023-07-11T13:56:17","modified_gmt":"2023-07-11T08:26:17","slug":"mumbai-absorb-office-space-1-3-msf-of-office-space-in-q2-2023","status":"publish","type":"post","link":"https:\/\/navimumbaihouses.com\/blog\/news\/mumbai-absorb-office-space-1-3-msf-of-office-space-in-q2-2023\/","title":{"rendered":"Mumbai Will Absorb 1.3 msf Of Office Space In Q2 2023 : Report"},"content":{"rendered":"<p><strong>Mumbai Absorb Office Space :<\/strong> According to the CBRE India Office Figures Q2 2023 report, office leasing in Mumbai reached 1.3 million square feet (msf) in the second quarter of 2023 (Q2 2023) (July 7, 2023). Between April and June of 23 the following key industries boosted absorption: BFSI (31%), technology (28%) and engineering and manufacturing (13%). The following were the major deals in Mumbai during the quarter:<\/p>\n<ul>\n<li>Bajaj Electricals leased 61,000 sqft in One International Center \u2013 IV<\/li>\n<li>Infosys leased 56,900 sqft in Mindspace (West) Building 1 (Gigaplex)<\/li>\n<li>Piramal Finance leased 35,400 sqft in Agastya Corporate Park \u2013 Phase I<\/li>\n<\/ul>\n<p>The research also noted that medium-sized (10,000\u201350,000 sqft) purchases were what drove Mumbai&#8217;s office space absorption. Additionally, non-IT innovations held a 100% and 50% share, respectively, of the supply and absorption.<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><strong>Are You Searching\u00a0<a href=\"https:\/\/navimumbaihouses.com\/property\/search\/rent\/kharghar\/2BHK\/?type=1&amp;pricemin=&amp;pricemax=&amp;sqftfrom=&amp;sqftto=&amp;furnished=&amp;locality=&amp;contact_type=&amp;facing=null\">2BHK Flat For Rent In Kharghar<\/a>?\u00a0<\/strong><\/p>\n<hr \/>\n<h2><\/h2>\n<h2>Mumbai Will Absorb 1.3 msf Of Office Space In Q2 2023<\/h2>\n<p>Office lease activity increased by 12% QoQ to 13.9 msf in Q2 2023 throughout all of India. With around 59% of the transaction activity over these three months, Bangalore, Chennai, and Pune took the lead in absorption. Technology businesses saw an increase in activity during the quarter, accounting for 29% of the leasing. Flexible space operators came in second place (18%), followed by engineering and manufacturing organisations (17%), and BFSI corporates (17%). Deal closures by Indian banks, insurance companies, and worldwide competency centres of BFSI corporates propelled leasing in the BFSI sector. The majority of these businesses are concentrating on growing their footprint.<\/p>\n<p>In Q2 2023, the total amount of office space available increased by 6% QoQ to 12.4 msf. With a combine share of 84%, Hyderabad, Bangalore, and Chennai topped supply addition during the quarter. While SEZ supplies made up 24% of the new developments, the non-SEZ segment continue to dominate development completions. In addition, 46% of the recently finish developments during the quarter were LEED or IGBC green-certified.<\/p>\n<p>Domestic companies continued to dominate the absorption in Q2 2023 and H1 2023, accounting for a share of 43% and 46%, respectively, much like the previous quarter. Flexible space operators, IT companies, and BFSI companies were the key driving forces behind this.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/amzn.to\/3rpEMlG\" target=\"_blank\" rel=\"noopener\"><button class=\"button-53\" role=\"button\">Buy Now<\/button><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><strong>Are you looking for a house for\u00a0<a href=\"https:\/\/navimumbaihouses.com\/property\/search\/rent\/kharghar\/?type=1&amp;pricemin=&amp;pricemax=&amp;sqftfrom=&amp;sqftto=&amp;furnished=&amp;locality=&amp;contact_type=&amp;facing=null\">rent in Kharghar<\/a>? We have semi-furnished, unfurnished, and furnished flats available for rent in various sectors of Kharghar. We have 1 BHK starting at Rs. 10,000 per month, 2 BHK starting at 15,000 per month, and\u00a0<a class=\"in-cell-link\" href=\"https:\/\/navimumbaihouses.com\/3-bhk-flats-for-rent-in-kharghar\/\" target=\"_blank\" rel=\"noopener\">3 BHK flats for rent in Kharghar<\/a>\u00a0starting at 18,00 per month. We can provide you with the list of\u00a0<a href=\"https:\/\/navimumbaihouses.com\/property\/search\/rent\/kharghar\/?type=1&amp;pricemin=&amp;pricemax=&amp;sqftfrom=&amp;sqftto=&amp;furnished=&amp;locality=&amp;contact_type=&amp;facing=null\">rental properties in Kharghar<\/a>, from where you can choose the one which fits your budget and choice.<\/strong><\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2>Mumbai Will Absorb 1.3 msf Of Office Space<\/h2>\n<p>Office space take-up in Q2 2023 was mostly driven by small- to medium-size deals (less than 10,000 square feet and between 10,000 and 50,000 square feet). In Q2 2023, medium-sized agreements represented 54% of all transactions, up from 48% in Q1 2023. Large-sized deals (deals more than 100,000 square feet) made up 6% of all transactions in Q2 2023, the same as Q1 2023. In Q2 2023, Hyderabad led the closing of large-scale deals, however a number of these transactions were also recorded in Pune, Chennai, Bangalore, and Delhi-NCR.<\/p>\n<p>According to Chairman and CEO of CBRE for India, South-East Asia, the Middle East, and Africa Anshuman Magazine, &#8220;India is predicted to be among the world&#8217;s fastest-growing countries amidst a likely deterioration of global macroeconomic conditions. We anticipate that domestic companies&#8217; leasing percentage will continue high throughout the year, and that their increased focus on return to offices (RTO) will have a positive impact on their business. The short-term effects of the global macroeconomic headwinds will prolong the worries of the occupants. Nevertheless, in the medium to long term, corporates&#8217; real estate portfolio expansion in India will be fueled by favourable demographics, a high-skilled and reasonably priced talent pool, robust technology and startup ecosystems, the availability of high-quality office spaces at below-market rents, and advantageous government policies.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/amzn.to\/46VO4Gr\" target=\"_blank\" rel=\"noopener\"><button class=\"button-53\" role=\"button\">Buy Now<\/button><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong><a href=\"https:\/\/navimumbaihouses.com\/property\/search\/buy\/navi-mumbai%20all\/3BHK\/?type=1&amp;pricemin=&amp;pricemax=&amp;sqftfrom=&amp;sqftto=&amp;furnished=&amp;locality=&amp;contact_type=&amp;facing=null\">3BHK Buy Flat In Navi Mumbai<\/a><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2>Mumbai Absorb Office Space<\/h2>\n<p>In spite of the fact that hybrid working is the norm in the majority of industries, Ram Chandnani, managing director of advice and transactional services at CBRE India, stated that &#8220;occupiers continue to focus on bringing employees back to the office.&#8221; In 2023, it is anticipated that Bangalore, Delhi-NCR, Chennai, and Hyderabad would lead absorption, while Mumbai, Pune, and Kolkata will also see significant demand for space. Due to the growing availability of trained labour, improved infrastructure, and appealing rental rates. Certain occupiers may also think about expanding into specific Tier-II regions. In 2023, technology companies are forecast to continue to dominate the leasing market in India, but demand is also anticipated to diversify. With expansion likely in industries including BFSI, flexible space operators, and engineering and manufacturing.<\/p>\n<p>Leasing activity in the office sector decreased by 12% YoY to around 26.4 msf during H1 2023. Additionally, Bangalore, Chennai, and Delhi-NCR, which together accounted for 60% of the lease. Dominated absorption during the first half of 2023. With a combined share of 68%, Bangalore, Hyderabad, and Delhi-NCR dominated supply increase in the first half of 2023. A total of 24.2 msf of supply was noted in H1 2023, a decrease of 4% YoY.<\/p>\n<p>Technology businesses accounted for the largest portion of leasing activity during the first half of 2023 (24%). Followed by BFSI companies (20%), flexible space operators (20%), and engineering and manufacturing industries (14%). During H1 2023, global corporations accounted for nearly 63% of all leasing in the technology industry.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/amzn.to\/46Kw55C\" target=\"_blank\" rel=\"noopener\"><button class=\"button-53\" role=\"button\">Buy Now<\/button><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div id=\"title\" class=\"style-scope ytd-watch-metadata\">\n<p class=\"style-scope ytd-watch-metadata\" style=\"text-align: center;\"><strong>2 Flats Available for Rent in Navi Mumbai | Affordable and Spacious Apartments | 8433959100<\/strong><\/p>\n<p><iframe loading=\"lazy\" title=\"2 Flats Available for Rent in Navi Mumbai | Affordable and Spacious Apartments | 8433959100\" width=\"1024\" height=\"576\" src=\"https:\/\/www.youtube.com\/embed\/swwlweJ6XDc?start=16&#038;feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe><\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.youtube.com\/channel\/UCJj_M-KlNliMtr_GybNL-Mg\"><strong>Source<\/strong><\/a><\/p>\n<\/div>\n<div id=\"top-row\" class=\"style-scope ytd-watch-metadata\">\n<div id=\"owner\" class=\"item style-scope ytd-watch-metadata\"><\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/amzn.to\/46HO5NS\" target=\"_blank\" rel=\"noopener\"><button class=\"button-53\" role=\"button\">Buy Now<\/button><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><strong>You\u2019re looking for Buy Home In Navi Mumbai we have the Best Buy Properties In Navi Mumbai Like Ready to Move &amp; Nearby possession:\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/navimumbaihouses.com\/property\/search\/buy\/navi-mumbai%20all\/?type=&amp;pricemin=&amp;pricemax=&amp;sqftfrom=&amp;sqftto=&amp;furnished=&amp;locality=&amp;contact_type=&amp;facing=null\">https:\/\/navimumbaihouses.com\/property\/search\/buy\/navi-mumbai-all\/<\/a><\/span><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><strong>If\u00a0you want daily property update details please follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/www.facebook.com\/navimumbai.houses\/\">Facebook Page<\/a>\u00a0\/\u00a0<a style=\"color: #ff0000;\" href=\"https:\/\/www.youtube.com\/channel\/UCJj_M-KlNliMtr_GybNL-Mg?view_as=subscriber\">YouTube\u00a0Channel<\/a>\u00a0\/\u00a0<a style=\"color: #ff0000;\" href=\"https:\/\/twitter.com\/NaviMum_Houses\">Twitter\u00a0<\/a><\/span><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mumbai Absorb Office Space : According to the CBRE India Office Figures Q2 2023 report, office leasing in Mumbai reached 1.3 million square feet (msf) in the second quarter of 2023 (Q2 2023) (July 7, 2023). Between April and June of 23 the following key industries boosted absorption: BFSI (31%), technology (28%) and engineering and [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":70217,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[8318],"tags":[21106,21107,21108],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mumbai Absorb Office Space : 1.3 msf Of Office Space In Q2 2023<\/title>\n<meta name=\"description\" content=\"Mumbai Absorb Office Space : According to the CBRE India Office Figures Q2 2023 report, office leasing in Mumbai reached 1.3 million square\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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