Office space leasing in Kolkata jumps 60%, driven by tech companies: Report

The total office space leased during the July-September period in Kolkata jumped by about 60 per cent to 0.3 million sq ft, according to a report published by real estate consultant CBRE on Tuesday.

The key sector that drove this growth was technology, which had a 50 per cent share, while the share of research, consulting and analytics was at 16 per cent, and flexible space operators had a share of 14 per cent, it said. During the same quarter of last year, the total office space leased in the city was at 0.2 million sq ft, it added.

Overall, the consultant said that gross office leasing activity increased by 33 per cent Year-on-Year (Y-o-Y) to 15.8 million sq ft during the July-September period across nine cities -- Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, Pune, Kochi and Ahmedabad.

"India's office sector has outperformed expectations this year with sustained absorption, driven by optimistic occupier sentiment and a surge in inquiries," Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa at CBRE, said.

"While the office sector in 2023 is likely to perform better than predicted at the beginning of the year, India has demonstrated resilience in the face of global economic challenges and remains one of the most attractive destinations for global corporations establishing their global capability centres (GCCs)," he added.

Bengaluru, followed by Delhi-NCR, Chennai and Hyderabad, are expected to drive absorption in 2023, while Mumbai, Pune and Kolkata are also likely to witness steady space take up during the year, Magazine said.

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