Around 55 per cent of the total office demand during January-June period across eight major cities was for an area up to 1 lakh square feet while the remaining 45 per cent leasing transactions were for larger workspaces, according to Knight Frank India.
Real estate consultant Knight Frank data showed that transactions for office spaces above 1 lakh square feet stood at 15.69 million square feet during the first half of this calendar year. “Large office space contributed 45 per cent of the overall commercial transactions across eight leading cities in the country,” it added.
Office space leasing in mid-segment or spaces between 50,000 square feet and 1,00,000 square feet was recorded at 7.28 million square feet during January-June 2024, constituting 21 per cent of the total leasing transactions during this period.
The consultant’s data showed that office space leasing in small office spaces or spaces below 50,000 sq ft were recorded at 11.7 million square feet, accounting for 34 per cent of the total office demand.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “Bengaluru remains the most attractive office market for large occupiers looking to expand their Indian operations. The rise in office space transactions is primarily fuelled by corporations establishing Global Capability Centres (GCCs) to expand their long-term operations in the market.” Flexible workspaces remain vital, providing adaptability and cost savings for sectors such as third-party IT services and startups, he added.
Bengaluru-based developer Sumadhura Group Chairman and Managing Director Madhusudhan G said, “Large office spaces have seen a significant uptick in leasing activity, driven by sustained interest from GCC and global clients seeking strategic footprints in India’s growing commercial hubs.” This demand is a testament to the resilience of the sector, with both international and domestic occupiers investing in long-term workspace solutions, he added.
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