NCR Office Leasing Plummets 60% in Q1: JLL India Report
An empty office floor in NCR, with a lone figure looking out.
Key Highlights
Delhi-NCR office space leasing fell 60% to 1.5M sq ft in Q1 due to lower supply. JLL India expects a market rebound.
The office market in Delhi-NCR experienced a substantial slowdown in the first quarter of the year, with net leasing activities plummeting by 60 percent to 1.5 million square feet. This decline is primarily attributed to a reduction in new supply entering the market during the January-March period.
Despite the subdued performance in the initial quarter, JLL India has expressed optimism regarding the long-term fundamentals of the market. The real estate consultancy anticipates that leasing activities are likely to see an increase in the upcoming quarters, suggesting a potential recovery after the current dip.