Office space supply down 1% across top 7 cities in January-March, despite rise in demand: Colliers

New Delhi: New supply of office space declined 1 per cent in the January-March period to 99 lakh sq ft across seven major cities despite high demand, according to Colliers India.

The new supply of office space stood at 100 lakh (10 million) sq ft in the year-ago period.

As per the data, the new supply in Bengaluru declined 16 per cent in January-March to 37 lakh sq ft from 44 lakh sq ft in the year-ago period.

Chennai saw a decline of 33 per cent to 2 lakh sq ft from 3 lakh sq ft.

Delhi-NCR saw a more than five-fold jump in new supply to 27 lakh sq ft from 5 lakh sq ft.

Hyderabad witnessed a 88 per cent decline in new supply to 3 lakh sq ft from 26 lakh sq ft.

In Kolkata, new office supply dipped 50 per cent to 1 lakh sq ft from 2 lakh sq ft.

New supply of office space in Mumbai declined 60 per cent to 4 lakh sq ft from 10 lakh sq ft.

In Pune, the new supply of office space jumped 2.5 times to 25 lakh sq ft in January-March this year from 10 lakh sq ft in the corresponding period of the preceding year.

During the first quarter of the 2025 calendar year, Colliers data showed that the gross leasing of office space rose 15 per cent to 159 lakh sq ft across these seven cities from 138 lakh sq ft in the year-ago period.