{"id":71414,"date":"2023-09-04T12:54:18","date_gmt":"2023-09-04T07:24:18","guid":{"rendered":"https:\/\/navimumbaihouses.com\/blog\/?p=71414"},"modified":"2023-09-04T12:54:18","modified_gmt":"2023-09-04T07:24:18","slug":"indias-office-sector-gross-leasing-would-likely-reach-40-45-msf-in-2023","status":"publish","type":"post","link":"https:\/\/navimumbaihouses.com\/blog\/news\/indias-office-sector-gross-leasing-would-likely-reach-40-45-msf-in-2023\/","title":{"rendered":"India’s Office Sector Gross Leasing Would Likely Reach 40\u201345 msf In 2023 : Report"},"content":{"rendered":"

India’s Office Sector :<\/strong> According to Colliers’ most recent study, India office market- Changing winds, the country’s office market is anticipated to close stronger in 2023, with 40\u201345 million square foot (msf) of gross leasing across the top six markets, which is 15%\u201320% more than anticipated in March 2023. With 10.1 msf of gross absorption in the first three months of the year (Q1 2023), the year got off to a cautious start. The second quarter, however, showed a significantly quicker rebound. Leasing activity reached 14.6 msf in Q2 2023, an increase of around 50% QoQ.<\/p>\n

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 <\/p>\n\n\n\n\n\n\n\n\n\n\n
City<\/strong><\/td>\nQ1 2023<\/strong><\/td>\nQ2 2023<\/strong><\/td>\nQoQ change<\/strong><\/td>\nForecast for 2023<\/strong><\/td>\n<\/tr>\n
Bangalore<\/td>\n3.2 msf<\/td>\n3.4 msf<\/td>\n5%<\/td>\n12-14 msf<\/td>\n<\/tr>\n
Delhi-NCR<\/td>\n2.2 msf<\/td>\n3.1 msf<\/td>\n41%<\/td>\n9-11 msf<\/td>\n<\/tr>\n
Chennai<\/td>\n1.6 msf<\/td>\n3.3 msf<\/td>\n113%<\/td>\n7-9 msf<\/td>\n<\/tr>\n
Hyderabad<\/td>\n1.3 msf<\/td>\n1.5 msf<\/td>\n19%<\/td>\n4-6 msf<\/td>\n<\/tr>\n
Mumbai<\/td>\n1.0 msf<\/td>\n1.6 msf<\/td>\n61%<\/td>\n4-6\u00a0msf<\/td>\n<\/tr>\n
Pune<\/td>\n0.8 msf<\/td>\n1.7 msf<\/td>\n109%<\/td>\n4-6 msf<\/td>\n<\/tr>\n
Pan India<\/strong><\/td>\n10.1 msf<\/strong><\/td>\n14.6 msf<\/strong><\/td>\n46%<\/strong><\/td>\n40-45 msf<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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India’s Office Sector Gross Leasing Would Likely Reach 40\u201345 ms<\/h2>\n

The managing director of office services for Colliers in India, Peush Jain, stated: “Macro-economic indicators have been consistently sending out encouraging signals. In recent months, several criteria have become more forceful. GST collections, industrial and service indices, as well as equities markets generally, have been exhibiting strong undercurrents of enhanced pace, even if repo rates have likely reached a steady period. The trend is projected to persist in the second half of the year and eventually lead to higher than expected results for the office market in 2023. The second quarter of 2023 has already established the tone for a better 2023, and the top six cities are predicted to lease 40 to 45 million square feet in that year.<\/p>\n

With a share of 24% in H1 2023, the technology sector dominated the demand for office space. Flex space and the engineering and manufacturing sectors came in at 18% and 17%, respectively. Since 2020, these industries have seen a constant increase in demand, which is shown by the pattern of demand drivers.<\/p>\n

“Sectors like technology and BFSI have seen over 50% QoQ growth during Q2 2023, while demand from engineering and manufacturing has surged two times over the prior quarter,” said Vimal Nadar, senior director and head of research at Colliers India. The manufacturing and services PMIs both reached substantial peaks in 2023, signalling solid future development in these crucial demand sectors. Leasing momentum across important industries is set to continue in the second half of the year as occupier confidence continues to rise.<\/p>\n

Globally, the economic outlook for 2023 is only slightly better than expected in April 2023 thanks to tepid gains in the US, UK, and Europe. A favourable shift in their economic outlook is anticipated to have a noticeable beneficial influence on India’s office market forecast for 2023 and beyond because the USA, Europe, and the UK are key suppliers of business for India.<\/p>\n

India’s Office Sector :<\/strong> An obvious positive movement in the supply side is reflected by the optimism seen on the demand side. 22 msf of new supply were added in the top six cities during H1 2023, representing a 31% increase from Q2 to H1 2023. In H2 2023, Colliers projected that supply will increase by 10\u201320% YoY. The developers’ ability to adapt to shifting market conditions and the rising demand for high-quality office space is demonstrated by their growth trajectory. The year 2023 is projected to witness a strong supply that is in line with the anticipated demand for space in the key office markets, range-bound vacancy levels, and significant rental upside. While the overall office market is anticipated to rise steadily in the second half of the year, several important micro-markets are anticipated to experience increased activity.<\/p>\n

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