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Net leasing of office space up 44% at 11.5 mn sq ft during Jan-Mar: Report

Net leasing of office space rose 44 per cent annually in this quarter across eight major cities on higher demand from corporates for expansion of their businesses, according to Cushman & Wakefield.
According to data released on Saturday by real estate consultant Cushman & Wakefield (C&W) India, the net leasing of office space stood at 115.14 lakh (11.5 million) square feet (sq ft) during January-March as against 80.09 lakh (8 million) sq ft in the year-ago period.
“This is the third-highest level recorded in the last five years, demonstrating a robust appetite for office space among businesses,” the consultant highlighted.
Net absorption or leasing rose in Bengaluru, Mumbai, Delhi-NCR and Chennai but fell in Pune, Hyderabad, Kolkata and Ahmedabad.
“The Indian office market is experiencing a robust momentum. We haven’t witnessed 20 million square feet of gross leasing being recorded for two consecutive quarters in recent history.
“This strong performance may signal a shift .