Flex office space contributes to more than one-third of Delhi-NCR's office leasing activity in Q1 2024

Gross office leasing in Delhi-NCR touched 4.03 mn sq ft in the first quarter (Jan-March) of 2024 on the back of leasing demand from domestic occupiers, including flex, who accounted for approximately 54% of the total leasing activity, according to a report released by JLL on April 8.

NH-8 in Gurugram and Noida city showcased the highest leasing activity, collectively accounting for over 50% of the total leasing during the quarter, the report said.

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The uptick in demand was particularly noticeable in the flex, BFSI (Banking, Financial Services, and Insurance), and manufacturing sectors, with flex contributing to more than one-third of Delhi NCR's leasing activity.

Flex operators, in particular, experienced growth during the quarter, with a record-breaking quarterly space take-up of 1.42 million sq. ft. This surge indicates the rising popularity and demand for flexible workspaces in the region, the report said.

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“Among the various submarkets within Delhi NCR, the NH-8 in Gurugram and Noida City showcased the highest leasing activity, collectively accounting for over 50% of the total leasing during the quarter. These areas have become prime destinations for businesses and have attracted significant attention from occupiers," said Manish Aggarwal, Senior Managing Director, North & East India, JLL.

"The impressive leasing performance in Delhi NCR's first quarter highlights the region's resilience, vibrancy, and attractiveness as a commercial real estate market,” he said.

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