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India Office Market Report Q1 2022

Badal Yagnik • 29/04/2022

The first quarter of 2022 carried forward the momentum of the previous quarters. Leasing volume was healthy and consistent despite facing odds, such as the Omicron wave and the ongoing geopolitical stress. Overall demand stood at 14.7 msf, backed by positive occupier sentiments and pre-commitments across the country. Occupiers are steadily switching back to working from office while the flexibility of a hybrid model is given to employees as necessary.

This has imbibed confidence amongst developers to bring new supply in regular intervals and prioritize projects that have high levels of preleasing. The coming quarters of 2022 are sure to be exciting, so stay tuned.

 

Key Highlights Q1 2022:

  • Gross Leasing Volume (GLV) stood at 14.7 msf across top-8 cities combined, a 20% growth on a y-o-y basis. 

  • Mumbai, Delhi NCR, and Bengaluru, as usual, were leading the recovery, cumulatively accounting for around 65% of the share in overall leasing volume during the quarter

  • IT-BPM accounted for the highest share (22%) in quarterly leasing followed by Flexible Workspaces (13%) and Engineering & Manufacturing (11%)

  • 15.3 msf of new completions were recorded in Q1 2022, a 46% jump on a y-o-y basis; tech-oriented cities of Bengaluru, Hyderabad, and Pune witnessed the largest additions to inventory, together accounting for ~58% of the new supply in the quarter
     
  • The net absorption stood at 6.7 msf, a 95% expansion on a y-o-y basis. Strong pre-commitments and growth in fresh leasing contributed to a healthy net absorption

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