India’s office market activity up 23.2% Y-o-Y; Sustains quarterly run rate of 2022

Delhi NCR, Bengaluru, and Pune topped the list as the largest markets in both net absorption and flex end-user deals.

Gross Leasing (mn sq ft)	Q1 2022	Q4 2022	Q1 2023	Q-O-Q Growth (%)	Y-O-Y Growth (%)
Bengaluru	1.60	2.75	3.12	13.2%	94.8%
Chennai	1.42	1.42	1.25	-11.7%	-11.6%
Delhi NCR	2.86	2.64	3.99	51.4%	39.6%
Hyderabad	0.89	2.21	0.97	-55.9%	9.3%
Kolkata	0.13	0.25	0.56	128.0%	323.6%
Mumbai	1.91	3.30	1.50	-54.6%	-21.3%
Pune	1.59	1.46	1.41	-3.2%	-11.1%
Pan India	10.39	14.02	12.81	-8.7%	23.2%

Gross Leasing (mn sq ft)

Q1 2022

Q4 2022

Q1 2023

Q-O-Q Growth (%)

Y-O-Y Growth (%)

Bengaluru

1.60

2.75

3.12

13.2%

94.8%

Chennai

1.42

1.25

-11.7%

-11.6%

Delhi NCR

2.86

2.64

3.99

51.4%

39.6%

Hyderabad

0.89

2.21

0.97

-55.9%

9.3%

Kolkata

0.13

0.25

0.56

128.0%

323.6%

Mumbai

1.91

3.30

1.50

-54.6%

-21.3%

Pune

1.59

1.46

1.41

-3.2%

-11.1%

Pan India

10.39

14.02

12.81

-8.7%

23.2%

Net Absorption (mn sq ft)	Q1 2022	Q4 2022	Q1 2023	Q-O-Q Growth (%)	Y-O-Y Growth (%)
Bengaluru	1.67	1.20	1.91	58.3%	14.4%
Chennai	1.21	1.24	0.60	-51.2%	-49.9%
Delhi NCR	1.34	1.89	1.96	3.8%	46.8%
Hyderabad	3.42	1.74	0.52	-69.8%	84.6%
Kolkata	0.18	0.20	0.46	127.9%	151.6%
Mumbai	1.44	1.05	0.88	-15.9%	-38.9%
Pune	2.30	0.66	1.28	93.1%	-44.1%
Pan India	11.55	7.99	7.63	-4.5%	-34.0%

Net Absorption (mn sq ft)

Q1 2022

Q4 2022

Q1 2023

Q-O-Q Growth (%)

Y-O-Y Growth (%)

Bengaluru

1.67

1.20

1.91

58.3%

14.4%

Chennai

1.21

1.24

0.60

-51.2%

-49.9%

Delhi NCR

1.34

1.89

1.96

3.8%

46.8%

Hyderabad

3.42

1.74

0.52

-69.8%

84.6%

Kolkata

0.18

0.20

0.46

127.9%

151.6%

Mumbai

1.44

1.05

0.88

-15.9%

-38.9%

Pune

2.30

0.66

1.28

93.1%

-44.1%

Pan India

11.55

7.99

7.63

-4.5%

-34.0%

New Completions (mn sq ft)	Q1 2022	Q4 2022	Q1 2023	Q-O-Q Growth (%)	Y-O-Y Growth (%)
Bengaluru	4.63	3.55	4.75	33.8%	2.8%
Chennai	2.40	1.66	0.70	-57.8%	-70.8%
Delhi NCR	1.51	1.84	1.81	-2.0%	19.7%
Hyderabad	4.77	5.42	0.68	-87.6%	-85.9%
Kolkata	0.27	0.00	0.04	NA	-83.7
Mumbai	1.98	1.47	0.15	-89.8%	-92.4%
Pune	4.81	0.88	1.383	107.0%	-62.0%
Pan India	20.37	14.83	9.96	-32.8%	-51.1%

New Completions (mn sq ft)

Q1 2022

Q4 2022

Q1 2023

Q-O-Q Growth (%)

Y-O-Y Growth (%)

Bengaluru

4.63

3.55

4.75

33.8%

2.8%

Chennai

2.40

1.66

0.70

-57.8%

-70.8%

Delhi NCR

1.51

1.84

1.81

-2.0%

19.7%

Hyderabad

4.77

5.42

0.68

-87.6%

-85.9%

Kolkata

0.27

0.00

0.04

-83.7

Mumbai

1.98

1.47

0.15

-89.8%

-92.4%

Pune

4.81

0.88

1.383

107.0%

-62.0%

Pan India

20.37

14.83

9.96

-32.8%

-51.1%

India’s office market activity up 23.2% Y-o-Y; Sustains quarterly run rate of 2022

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