Commercial real estate leasing activity grows by 19% in 2024
The office space market in Pune recorded a remarkable 19% growth in 2024, with a total leasing activity of 80 lakh square feet, driven by a strong first half and consistent demand in the latter half, according to Knight Frank India. Pune added 57 lakh square feet of new office space, marking a 58% growth, with flexible office spaces contributing 35% of transactions. Global firms and capability centers played a significant role, accounting for 35.9% of the market, highlighting Pune's prominence in global real estate expansion. Despite concerns over U.S. policy impacts, the demand for Grade A+ office spaces surged, leading to higher leasing activity across the city.
India's overall office market across top seven cities reached a record high of 7.7 crore square feet, a 22.6% rise, reinforcing its position as the largest global office market. Pune saw moderate rental growth, surpassing pre-pandemic levels, with rents rising to ₹77 per square foot per month. The city also boasts double the Grade A office space compared to Singapore, with vacancy rates at a three-year low. Experts predict that Pune could exceed 10 crore square feet of Grade A office spaces in 2025, further solidifying its position as a preferred destination for multinational corporations.
Similar News
Monsoon Deluge Exposes PMC Road Repair Failures
28 Sep 2023
Amnesty Scheme to Reduce Stamp Duty Deficit
02 Dec 2023
Historic Bhide Wada Set for Redevelopment by PMC
06 Dec 2023
PMC Approved Bus Bay on Nagar Road
12 Dec 2023
PMC Phased Approach to Repair 40 Aging Bridges
08 Jan 2024
Long Weekend से Pune-Satara Highway पर लगा लंबा!
27 Jan 2024
आखिर कब Open होगा Pune Airport का New Terminal?
06 Feb 2024
Pune Areas to Experience Water Shortage Tomorrow
07 Feb 2024
PMC demolishes 29 Hilltop Properties
09 Feb 2024
PMC under scrutiny for repeated budget inflation
03 Apr 2024
Pune Battle Against Rising Garbage-Related Fires
08 Apr 2024
IMD Warns Dry Conditions Challenge 125 Districts
19 Apr 2024
Residents Sweat Through Frequent Power Outages
28 Apr 2024
BSI to Open New Botanical Garden in Mundhwa
27 Aug 2024
KCB 326-Acre Merger with PMC Awaits Approval
25 Dec 2024
