Office leasing up across cities
Office leasing rose 15% in Q1 to about 18.3 million square feet across seven major cities — a national data point that supports renewed institutional appetite and could presage similar Bay Area acceleration. Brokers should treat national leasing momentum as a leading indicator for local demand. (griharealty.com)
Bengaluru and Hyderabad together accounted for roughly 8.7 million sq ft of Q1 activity, representing nearly half of gross leasing across the seven-city set. (colliers.com) Flexible-workspace leasing jumped about 77% year‑over‑year to roughly 3.9 million sq ft and made up ~21% of total leasing, with Delhi‑NCR and Hyderabad driving more than 45% of flex absorption. (business-standard.com) Conventional Grade‑A leasing totaled about 14.4 million sq ft in the quarter, with technology occupiers responsible for roughly 36% of conventional demand and BFSI firms accounting for a large share in Bengaluru and Mumbai. (realty.economictimes.indiatimes.com) New completions ran at about 11.8 million sq ft in Q1, a 19% YoY increase, with Bengaluru contributing roughly 47% of those supply additions. (colliers.com) Vacancy across the seven markets tightened by nearly 90 basis points year‑on‑year to about 15.3%, and at least four markets recorded declines exceeding 100 basis points over the year. (realty.economictimes.indiatimes.com) Market outliers included Pune more than doubling gross leasing to about 2.5 million sq ft, Mumbai rising ~23% to about 2.7 million sq ft, while Delhi‑NCR and Chennai saw quarter‑on‑quarter declines to roughly 2.3 million sq ft and 2.0 million sq ft respectively. (business-standard.com)
