Monthly aggregate office leasing activity up 2.25X Y-o-Y at 8.8 million sq. ft: JLL
On a monthly comparison basis, leasing activity is up by 53% in July 2022
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.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.