Gross leasing activity in Q2 2024 reached 18.38 mn sq ft, demonstrating a 21.3% increase q-o-q. This quarter ranks as the third-best quarter ever, except Q4 2023 and Q2 2019 in terms of leasing volumes. Notably, the last four consecutive quarters have exceeded the 15 mn sq ft mark in gross leasing volumes, indicating significant momentum in the office market. Furthermore, H1 2024 has marked the best-ever first half, with leasing volumes reaching 33.5 mn sq ft. It is of note that this is the first quarter when all seven cities under review recorded gross leasing levels surpassing 1 mn sq ft, driven by the strong performance of Kolkata in the quarter.

With global economic and business conditions stabilizing, global occupiers are now more confident in their real estate plans. India is a top destination for expanding their footprint and driving business growth. In Q2, global occupiers accounted for a significant 60.9% share of gross leasing volumes. Domestic occupiers, however, have demonstrated sustained momentum as well. They have accounted for a 48.2% share of India’s gross leasing activity since 2022. This signifies a notable increase from the approximate 35% average share observed during the three-year period from 2017 to 2019. While global occupiers remain optimistic about expanding and growing their operations in India, a robust domestic economy is fostering resilience in the office market.