Bengaluru tops in inexperienced leasing: 68% of complete leasing are inexperienced buildings

Bengaluru leads the inexperienced constructing adoption with 16.5 million sq. ft leases between January 2023 and July 2024 totaling to 68 per cent of complete leasing within the metropolis, as per Colliers Report. Engineering and manufacturing corporations are driving this development within the metropolis and present a robust choice for these sustainable areas.

The inexperienced leasing within the metropolis has elevated by 22.85 per cent year-on-year (YoY) to 12.9 msft in Q2 FY24 from 10.5 msft within the corresponding quarter previous 12 months.

“Over the previous few quarters, builders, buyers & occupiers within the workplace market have more and more embraced the adoption of sustainable parts of their portfolios reflecting occupiers’ robust dedication to align their sustainability targets with the broader sustainability targets of the nation, famous Arpit Mehrotra, Managing Director, Workplace providers, India, Colliers.

Within the second quarter, 13 msft of workplace areas leased within the high six cities have been green-certified buildings. This represents a 24 per cent YoY and accounts for 82 per cent of the whole leasing exercise through the quarter.

In response to this surge in demand, builders are retrofitting getting old workplace buildings and integrating sustainable options into their designs and constructions, remarked Vimal Nadar, Senior Director and Head of Analysis, at Colliers India.

Roughly 300-350 msft of economic properties which are over 10 years previous maintain the potential to be refurbished within the coming years, he added.

The inexperienced buildings accounted 78 per cent of all workplace area leasing’s since January 2023. Over the subsequent two to a few years, the Grade A inexperienced inventory is anticipated to the touch over 600 mn sq ft.