News release

Monthly leasing activity up by 93.1% Y-o-Y in January 2023

Delhi NCR, Chennai, and Mumbai were the top three cities in January, accounting for 77% of monthly leasing activity.

February 20, 2023
  • Samantak Das
  • Rohan Sharma

The total monthly leasing activity for the month of January stood at 3.2 million sq. ft with the typical January lull post the 2022 year-end leasing momentum causing a 56.4% Month -on-Month (M-o-M) decline. However, it was still higher by 93.1% Year-o-Year (Y-o-Y). Fresh leasing which included expansion and relocation-driven space take-up accounted for 87% of all recorded transactions during the month. The month of January is typically a slow period, as the holiday season for global corporates and future business planning take precedence. Mostly deals that slipped due to certain reasons get concluded during this month.

In January 2023, the top three cities in that order were Delhi NCR, Chennai, and Mumbai, accounting for 77% of monthly leasing activity. In terms of number of transactions, Mumbai remained the most active market, followed by Delhi-NCR.

“January’s aggregate leasing activity was sluggish but on expected lines as this period coincides with the festive/holiday season and future business plans being put together with only spill over deals largely getting executed during this period. As future business projections are made under the shadow of global headwinds and the tech sector, facing a period of course correction is likely to be slow in space take-up, we expect that rising office occupancies and growth in other occupier segments should keep the momentum steady. However, an overall sluggishness is likely but more sustained trends of demand movement will be visible moving ahead over the course of the next 2-3 months” said Dr. Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.

The IT sector is presently facing slower employment and sluggish corporate growth expectations, and as a result, space take-up may be more benign as part of a course correction. Given the evolving global economic scenario, other occupier categories are anticipated to maintain steady state, although with a minor downward bias in the short-term. The IT/ITeS category still remained the largest driver of overall market activity in January, accounting for 28% of total market activity, thanks to one large transaction and a few smaller ones. Whilst the actual numbers were identical m-o-m, BFSI and Manufacturing made considerable advances in terms of share.

About JLL

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 September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit