Monthly aggregate office leasing activity up 1.48X Y-o-Y at 5.8 mn sq ft: JLL
June witnessed a significant jump in the number of transactions
Mumbai, July 27th, 2022: Leasing activity remains robust with space leased up 1.48X Year-on-Year (Y-o-Y) in June 2022. On a monthly comparison basis, leasing activity is slower by just 5% in June 2022. The top four cities with a cumulative share of 87% in monthly leasing activity for June 2022 are Bengaluru, Chennai, Mumbai, and Delhi NCR in that order.
A significant increase in the number of deals both Y-o-Y and Q-o-Q is indicative of rising occupier activity which is in sync with rising occupancy levels in offices. Mumbai led with the maximum number of deals during June 2022 followed by Chennai and Delhi NCR.
Source: JLL Research
Tech occupiers continue to remain the key drivers of the aggregate market leasing activity in June 2022 with a 35% share. Healthcare occupiers are pushing the share of the composite occupier category of telecom,real estate & construction with BFSI showing a near-doubling of its share month-on-month.
| Tech and BFSI are growth drivers as usual; healthcare shows promising growth  |
Source: JLL Research
"Market leasing activity showed robustness in June with a 1.48X y-o-y growth and with over 280 deals recorded during the month, indicating that occupier activity has stayed the course with return to work and hybrid workplace strategies supporting an increase in office occupancy levels. On a q-o-q basis, there was a slight decline, a trend on which we will keep a close eye given the global headwinds that may impact market leasing activity as occupiers are likely to be cautiously optimistic about growth-oriented real estate space requirements."Dr. Samantak Das, chief economist, and head research and REIS, India, JLL.
Note: Aggregate market leasing activity refers to lease transactions for all grades in the top 7 cities (Delhi NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune and Kolkata) recorded during the period, including confirmed pre-commitments and term renewals. Deals in the discussion stage are not included.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
JLL is India's premier and largest professional services firm specializing in real estate. The Firm has grown from strength to strength in India for the past two decades. JLL India has an extensive presence across 10 major cities (Mumbai, Delhi NCR, Bengaluru, Pune, Chennai, Hyderabad, Kolkata, Ahmedabad, Kochi, and Coimbatore) and over 130 tier-II and III markets with a cumulative strength of close to 12,000 professionals. The Firm provides investors, developers, local corporates and multinational companies with a comprehensive range of services. These include leasing, capital markets, research & advisory, transaction management, project development, facility management and property & asset management. These services cover various asset classes such as commercial, industrial, warehouse and logistics, data centers, residential, retail, hospitality, healthcare, senior living, and education. For further information, please visit jll.co.in.
Media contacts
Arundhati Bakshi Dighe Abhijit Ganu
JLL India Genesis BCW
98193 90900 8291696749
arundhati.dighe@ap.jll.com abhijit.ganu@genesis-bcw.com
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