Pulse Real Estate Monthly Monitor: April 2024

This edition highlights historic office leasing highs in major Indian cities, driven by domestic occupiers in BFSI, flex, and manufacturing sectors.

May 15, 2024
  • Samantak Das
  • Rohan Sharma

The office leasing market in cities like Chennai, Delhi NCR, Mumbai, and Pune achieved historic highs in the first quarter of 2024. Domestic occupiers, especially in the BFSI, Flex, and manufacturing/engineering sectors, drove the demand for office space. Gross leasing activity reached 15.16 million sq. ft, marking the third consecutive quarter where it surpassed the 15 million sq. ft mark. The report also highlights the resilience and adaptability of India's office market, with domestic occupiers consistently competing with global counterparts. Residential launches and sales remained stable in most cities, while retail space take-up in shopping malls increased.

What’s more? Dr. Samantak Das, Chief Economist and Head Research & REIS, shares his insights on ‘Q1 2024 Gross office leasing’ published by JLL.

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