Bengaluru contributed a 28% share in the 19 million feet of office space leased across the top eight cities of India during the July-September quarter of the ongoing calendar, according to a report by property consultancy Knight Frank India. The IT city’s housing market recorded sales volume of 14,604 units during Q3 2024, an 11% rise compared to the same period in 2023, making it the second-highest in the country. The city also saw a 5% annual increase in the number of residential units being launched at 13,966 units in Q3 2024, up from 13,353 units in Q3 2023, the report noted.
Office absorption in the IT capital during the three-month period stood at 5.3 million square feet, up 158% annually compared to 2.1 million square feet in the corresponding period of 2023.
Also Read: Institutional investment inflows into the real estate sector touch $1.1 bn in Q3 2024, up 45%: Colliers New office supply in the city during the quarter ended September was recorded at 2.5 mn sq ft.
According to the report, Bengaluru witnessed the second highest rental value appreciation of 7% year-on-year, taking the aggregated rent to ₹ 90.3 per square feet each month. The report highlighted that during the third quarter of 2024, global capability centers (GCCs) and India facing business emerged as the primary occupants of office spaces in Bengaluru.
Leasing activity by GCCs reached 3.3 mn sq ft, witnessing annual growth of 383% in Q3 2024, compared to 0.7 mn sq ft in Q3 2023.
They accounted for 6.
