Net leasing was 11.55 million square feet in the last year period in seven cities – Delhi-NCR, Mumbai,
JLL India attributed the decrease in net lettings or take-up of office space to reduced expansion activity, delayed space plans and an evolving hybrid workplace strategy.
“Companies were consolidating and relocating to save on real estate costs, while there were fewer pre-commitments for new deliveries during the quarter. This reflects the challenges facing the corporate world amid global headwinds and an uncertain business environment,” it explains .
Net leasing decreased in Chennai, Hyderabad, Mumbai and Pune, while absorption increased in Delhi-NCR, Bengaluru and Kolkata.
The net absorption is calculated as the new floor space occupied minus the floor space vacated. Floor space that is predetermined is not considered taken up until it is physically in use.
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