Office space leasing set to exceed new supply

Average gross office space absorption is set to exceed average new supply by 12% during 2018-21 and push up rents by 1.9% annually, according to realty consultant Colliers

46 million sq feet – average annual gross absorption for 2018-21

41 million sq feet – expected new supply dring the period

4.1% – Fastest annual growth expected in Bengaluru till 2021

12.3 msf – absorption in Jul-Sept this year, YoY growh of 23%

36.4 msf – the figure for the nine months, a growth of 26%

48% – space was absorbed by the technology sector in Q3

19% – of the leasing volume was by banking space

13% – of the space was leased by co-working, flexible workspace

2X – growth in co-working space leasing YoY

City-wise

• 3.7 msf, or 30%, space was leased in Bengaluru
   
• 2.1 msf was leased in Hyderabad