Key Points
Indian office sector soared to new heights in the fourth quarter of 2023, defying all odds and setting record-breaking highs in both gross lease volume (GLV) and net absorption, as per Cushman & Wakefields Q4 office data...
According to the report, GLV across the top eight cities in Q4 stood at a towering 27.4msf, an 84% growth than the previous quarter and a healthy 48% growth y-o-y..
Not only is this the highest quarterly gross lease volume ever, but it also beats the previous record high the volume of Q4-2019 by a significant 4.5 msf margin...
The report mentioned that the net absorption, which is a barometer of actual demand or expansion of occupied space in the market, recorded its highest volume ever at 18.6 mn sq ft across the top 8 cities for the quarter, a staggering 129% growth q-o-q and 106% growth on a y-o-y basis...
For the entire year, the net absorption stood at 41 msf, which is merely 2 msf less than the highest net absorption volume seen in the Indian office sector in 2019...
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