In a spillover effect of challenges facing the Indian IT sector, leasing took a beating, given that technology companies have been the top contributing tenants for Grade A offices till recently.
Nonetheless, the tide is gradually turning in favour of commercial realty. "Gross office leasing in CY23 rose by 15% year-on-year across top eight cities resulting in absorption of 59.6 million sq ft," said Viral Desai, senior executive director, occupier strategy and solutions, Knight Frank India.
On an average, rentals for the top eight cities improved by 5-7% in CY23. Desai anticipates rentals to rise within a similar range in CY24. This is likely to be driven by the rising share of GCCs in the overall leasing pie.
Higher traction in overall leasing has aided the performance of companies in the listed space. Aggregate gross leasing of key listed firms rose to a multiquarter high in Q3FY24.
Bu hikaye Mint Mumbai dergisinin February 23, 2024 sayısından alınmıştır.
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Bu hikaye Mint Mumbai dergisinin February 23, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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