US firms contribute 33 pc of total office demand in India’s top 7 cities in 2022-24: JLL

NEW DELHI, Jun 14: US companies have rented 64.5 million square feet of office space during 2022-24 across India’s seven major cities, contributing over one-third of the total leasing of workspaces, according to JLL India.

Real estate consultant JLL India data showed that the total gross leasing of office space during 2022-24 calendar years stood at 190 million sq ft across seven major cities — Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad and Pune.

Out of this, US firms have taken 64.5 million sq ft office spaces on rent, mainly to set up their Global Capability Centers (GCCs).

Nearly 70 pc or 64.5 million square feet office spaces were rented for setting up of GCCs.

“India’s combination of skilled talent at scale, supportive ecosystem, cost advantages, and growth-oriented policy environment continues to make it an increasingly attractive destination for US corporations looking to establish and expand their global capabilities,” said.

Rahul Arora, Head – Office Leasing & Retail Services, Senior Managing Director (Karnataka, Kerala), India, JLL.

GCC-led requirements constitute 70 per cent of all space demand from US occupiers, signaling continued long-term investment and confidence in India as a key R&D and innovation hub, he added.

The consultant said that IT city Bengaluru is the most preferred location for US corporates.

US-based technologies and BFSI (Banking, Financial Services and Insurance) companies are major drivers of office demand in top Indian cities. (PTI)

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