Quarterly office space absorption in Kolkata outpaces supply in Q2 2022

New Delhi, July 13 (Agency) Office space absorption in this metropolis witnessed a growth of about 150 percent Q-o-Q to reach 0.5 million sq. ft in Q2 2022, outpacing the supply, which stood at 0.1 million sq. ft, according to CBRE South Asia Pvt. Ltd, a leading real estate consulting firm, announced the findings of its latest office report on Wednesday. The report observed that the office sector in India witnessed a strong performance in Q2 2022, as leasing activity grew by 61 pc Q-o-Q to touch a record high of 18.2 million sq. ft.

Technology firms drove leasing in Kolkata with a share of about 27 pc, followed by flexible space operators (26 pc) and BFSI firms (17 pc). Small-sized deals dominated the transaction activity, with 57 pc of absorption recorded in the non-IT segment, 16 pc in IT spaces, and 27 pc in the SEZs, the data report said. On the supply side, project completions were only in non-IT spaces. A few major office transactions in the city were recorded in the DLF SEZ and Globsyn Crystals.