Office absorption touches 134 lakh sq ft in Q1 2024; up by 13% year-on-year: report Hindustan Times
Office absorption increased by 13% to 134 lakh sq ft in Q1 2024 from 118.5 lakh sq ft in Q1 2023 on the back of ‘Return to Office’ mandate by several corporates, a report by Vestian has said. Cities covered in the report included Bengaluru, Chennai, Hyderabad, Mumbai, Kolkata, Pune and NCR. Office space absorption, however, declined by 31% in the January to March quarter after peaking in Q4 2023. Southern cities such as Bengaluru, Chennai, and Hyderabad accounted for 61% of the pan India absorption in Q1 2024 with its share increasing from 54% a year earlier, said the report.
