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Local firms drive office demand
Mint Chennai
|June 17, 2025
Increasing reach
Domestic companies are taking more office space. They leased a record 31.9 million sq. ft (msf) area in 2024. The traction continued in the first quarter of 2025 (QICY25) with 8.8 msf already leased, JLL India said in a recent report. This has translated into better absorption of available Grade-A office units and higher occupancies.
On average, since 2022, domestic occupiers account for a 46% share of gross leasing versus 35% pre-pandemic (2017-2019), as per JLL. The property consultant added that BFSI firms have more than doubled their space requirements, with average deal sizes jumping from 10,500-11,500 sq. ft in 2017-2019 to 24,000-25,000 sq. ft from 2022 to QICY25, a staggering 125-130% rise.
Gross leasing covers all lease transactions, except term renewals and deals in the discussion stage.
This story is from the June 17, 2025 edition of Mint Chennai.
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