Office Leasing in Major Cities Rises

Demand momentum is intensifying for office spaces across key property markets with both leasing tenures and volumes setting new standards, reflecting the growing confidence of occupiers in India’s growth story.

The longer tenure of leases is also an indication of leading multinational companies enhancing their long-term commitment while setting up office market has recorded the longest weighted average lease term of 62 months in the last 14 months until February, which is the highest ever in the segment.

The rising tenure of lease transactions reflects the increasing prowess of India’s commercial segment and a robust supply of grade A and A+ offices that are being sought after by international companies and global capability centers’ (GCCs).

Startups and even large Indian occupiers are embracing co-working like never before, and the managed space segment is currently driving a large chunk of co-working demand.

The weighted average tenures of the top five large transactions across India in 2023 stood at 180 months as against 112 months in 2022, a 61% increase.

The growth in commitment can be attributed to occupiers showing confidence that India’s growth story is a long-term play and not just a fad.

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