Data on BFSI and Flex Spaces Lead Drives Office Space Demand Surge

In Q3 2024, office space demand in India surged, with BFSI and flex spaces driving 39% of pan-India absorption, marking a 20% quarterly growth. Southern cities like Bengaluru, Chennai, and Hyderabad dominated, accounting for 61% of total absorption, led by Bengaluru's 36% share. While Hyderabad saw the highest new office completions (4.10 million sq. ft.), Mumbai experienced a significant slowdown. Vacancy rates dropped to 14.8% nationwide, with Bengaluru and Pune maintaining low vacancies. Despite stable rentals in most cities, Bengaluru saw a 1.1% rental growth. Looking ahead, flexible workspaces and BFSI growth are expected to shape the market.

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