India Office Market Monitor Q2 2019
17 jul. 2019
A HISTORIC HIGH AS LEASING CROSSES 30 MN SQ. FT. IN H1 2019; 17 MILLION SQ. FT. IN Q2 2019 ITSELF
- Leasing at a historic high - leasing activity rose by almost 40% as compared to H1 2018, crossing 30 million sq. ft. during the first half of 2019; a historic high, indicative of the fact that overall space take-up in 2019 could surpass the previous peak of 2018. Bangalore, along with Hyderabad, NCR and Mumbai, accounted for almost 80% of the overall space take-up during H1 2019.
- Tech makes a strong comeback – the share of tech corporates in overall space take-up rose from 25% in H1 2018 to 43% in H1 2019; the share was as high as 50% in Q2 2019. They were followed by flexible space operators (12%), BFSI companies (11%) and engineering & manufacturing companies (8%).
- India is now a 600 mn. sq. ft. office market - supply addition rose by nearly 70% y-o-y in H1 2019, with more than 28 million sq. ft. added across cities. With this India’s overall office stock crossed 600 million sq. ft. by the end of Q2 2019.
- Quarterly rental growth reported across most key cities including Bangalore, Hyderabad, Pune, NCR and Mumbai.