Kolkata Office Leasing Soars 33% in Q2 2024

Kolkata, Jul 4 (PTI) Office space leasing absorption in Kolkata surged 33 per cent year on year to 0.4 million square feet in the April-June quarter of 2024, according to the CBRE India Office Figures Q2 report.

The key sectors driving absorption in Q2 2024 were technology (40 per cent), BFSI (21 per cent), and flexible space operators (10 per cent).

"The office space leasing absorption in April-June 2024 was 0.4 million square feet against 0.3 million square feet in the YoY period, a CBRE official said.

Another real estate consultant, Knight Frank India, also said that Kolkata's office market saw a significant increase in office leasing volume, with 0.7 million square feet of office space transacted in H1 2024 (January-June 2024).

This represents a 23 per cent growth compared to H1 2023, according to Knight Frank India's report "India Real Estate: Residential and Office" (January-June 2024).

Average office space rents increased by 6 per cent year-on-year (YoY) during H1 2024, it said.

Knight Frank also reported that Kolkata's residential real estate market experienced strong homebuying demand, with 9,130 residential units sold in H1 2024, marking a 25 per cent YoY growth in sales volume.

The continued stamp duty rebate and new launches across various price segments contributed to the market's sustained upward sales momentum. However, the state government withdrew the stamp duty and 10 per cent rebate in circle rate effective July.

According to CBRE, pan-India office leasing remained robust, with gross office leasing reaching 32.8 million square feet during Jan-Jun'24, a 14 per cent increase year-on-year across nine cities.