Bengaluru remains on top with office space absorption

NT Correspondent

Bengaluru: The fourth quarter of 2023 saw unprecedented growth in office space absorption, as a report by Colliers India suggested a record breaking 58.2 million square feet was absorbed.

Amongst Indian Metroes, Bengaluru remained on top, as Chennai lunged into second, as it grew two fold.

The report suggested that the engineering and manufacturing sectors have almost doubled, increasing from 10-12 percent in 2020 to 16-20 percent this year.

One interesting thing the reported reveals is the demand for Engineering and manufacturing sectors office space has surpassed the demand for lease for Information Technology sector.

Almost 40 per cent of the large deals in the top six cities have come from Global Capability Centres (GCC) which typically have large space requirements, have resumed their expansionary activities, especially in the second half of 2023.