Office: Bengaluru continues to be a top contributor with a share of 20-25% in quarterly leasing across top 8 cities. Gross leasing of 2.9 msf was recorded in Q1 2022, continuing the momentum from the previous two quarters. With 37% of leasing activity, the IT-BPM sector led the way, followed by engineering & manufacturing, telecom & media, and flexible workspace.
Residential: Q1 2022 witnessed an exponential rise in the residential sector with a 2.4X jump compared to 2021. Bengaluru launched 8,830 units this quarter, which is a 23% increase over Q4 2021. This continuous and sustained momentum in project launches indicates a strengthening of developer confidence and a steady increase in buyer enquiry. Southern and South-Eastern submarkets accounted for 61% share in quarterly launches, while the Eastern submarket accounted for 20% in Q1 2022 launches. These submarkets are expected to continue to drive launches and a healthy sales environment.
Retail: An improved retail activity was seen in Bengaluru with 0.2 msf of retail space getting leases in completed malls. Superior category malls like Phoenix Market City, Brigade Orion, Forum Koramangala, etc. witnessed footfalls as high as 90-95% pre-COVID levels on weekends and approximately 70-75% on weekdays.
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