Leasing activity rose by 5.3% on a yearly basis to touch about 47.4 million sq. ft. in 2018.
Bangalore, NCR, Hyderabad and Mumbai together accounted for almost 80% of the annual leasing activity.
2018 was the year of flexible space operators – leasing crossed 6 mn sq. ft.; tech also regained strength and reported a growth of 11% in space take-up, after a continuous dip for two years. Tech corporates (with a share of 34%) drove office space take-up in the country during 2018. They were followed by BFSI companies (14%) and engineering and manufacturing companies (12%).
Supply addition in 2018 rose by about 14% on a yearly basis to touch 34.9 million sq. ft. Bangalore, Mumbai and NCR accounted for almost 70% of the annual supply completions.
In 2018, all southern cities (Bangalore, Hyderabad and Chennai) witnessed rental increment across all micro-markets while NCR, Mumbai and Pune recorded a rise in rental values primarily in select locations.