Monthly aggregate office leasing activity up 2.25X Y-o-Y at 8.8 million sq. ft: JLL

Mumbai, August 19, 2022: Leasing activity remains robust with space leased up 2.25X Year-on-Year (Y-o-Y) in July 2022. On a monthly comparison basis, leasing activity is up by 53% in July 2022. In that order, the top three cities with a cumulative share of 85% in monthly leasing activity for July 2022 are Bengaluru, Mumbai, and Delhi NCR. 

Source: JLL Research

The number of deals is up y-o-y, though slightly lower monthly. Mumbai led with the maximum number of deals during July 2022 followed by Pune and Delhi NCR. Tech sees a big spurt, BFSI remains a key space taker as well.

Source: JLL Research

“The aggregate market leasing activity across the top seven cities remained strong, showing a growth of 2.25X y-o-y, with around 215 deals. While occupier activity is rising with increasing occupancy levels in offices, it is interesting to note that around one-fourth of market activity was on account of some significant renewal activity during the month. This is a clear marker toward offices remaining central to all evolving workplace strategies, even as the workplace itself is being reimagined. We do expect that given developing global headwinds, occupier activity in the short-term may be oriented more towards relocation/ consolidation/ renewal with limited expansion-driven growth,” said Dr. Samantak Das, Chief Economist, and Head of Research and REIS, India, JLL.

Note: Aggregate market leasing activity refers to lease transactions for all grades in the top 7 cities (Delhi NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune, and Kolkata) recorded during the period, including confirmed pre-commitments and term renewals. Deals in the discussion stage are not included.