Office Space Leasing Up 54% in Q1 2023: JLL

New Delhi, Apr 16 (PTI) The net leasing of office space rose 54 per cent year-on-year to 127.8 lakh square feet in January-March this year across seven major cities on higher demand for workspaces from corporates, according to JLL India.

Real estate consultant JLL said the net absorption is calculated as the new floor space occupied less floor space vacated. Floor space that is pre-committed is not considered to be absorbed until it is physically occupied.

Gross leasing of office space increased 28 per cent in January-March this year at 19.46 million (194.6 lakh) square feet, the highest among all previous first quarters of any calendar year.

Gross leasing refers to all lease transactions recorded during the period, including confirmed pre-commitments but does not include term renewals. Deals in the discussion stage are not included.

The seven cities are Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad and Pune.