Source: https://www.hindustantimes.com/real-estate/flex-office-space-contributes-to-more-than-one-third-of-delhi-ncrs-office-leasing-activity-in-q1-2024-101712592198646.html
Gross office leasing in Delhi-NCR touches 4.03 mn sq ft in Q1 2024 on the back of increase in demand from domestic occupiers.
Gross office leasing in Delhi-NCR touched 4.03 mn sq ft in the first quarter (Jan-March) of 2024 on the back of leasing demand from domestic occupiers, including flex, who accounted for approximately 54% of the total leasing activity, according to a report released by JLL on April 8.
NH-8 in Gurugram and Noida city showcased the highest leasing activity, collectively accounting for over 50% of the total leasing during the quarter, the report said.
The uptick in demand was particularly noticeable in the flex, BFSI (Banking, Financial Services, and Insurance), and manufacturing sectors, with flex contributing to more than one-third of Delhi NCR’s leasing activity.
Flex operators, in particular, experienced growth during the quarter, with a record-breaking quarterly space take-up of 1.42 million sq. ft. This surge indicates the rising popularity and demand for flexible workspaces in the region, the report said.
“Among the various submarkets within Delhi NCR, the NH-8 in Gurugram and Noida City showcased the highest leasing activity, collectively accounting for over 50% of the total leasing during the quarter. These areas have become prime destinations for businesses and have attracted significant attention from occupiers,” said Manish Aggarwal, Senior Managing Director, North & East India, JLL.
“The impressive leasing performance in Delhi NCR’s first quarter highlights the region’s resilience, vibrancy, and attractiveness as a commercial real estate market,” he said.
