Global uncertainties hit office demand, gross leasing falls: Colliers India

India's office demand has been affected by global economic uncertainties with gross leasing of workspace falling 19 per cent in January-March across six major cities, according to Colliers India.

Real estate consultant Colliers India on Saturday released data on the office market, which showed that the gross leasing fell to 10.1 million square feet in January-March from 12.5 million square feet in the corresponding period of the previous year.

New supply declined 34 per cent during January-March to 9.5 million square feet from 14.4 million square feet in the year-ago period.

Gross leasing does not include lease renewals, pre-commitments and deals where only a letter of Intent has been signed.

Colliers India said that the leasing of office space has fallen due to "delayed decision-making by occupiers amidst continued economic uncertainties".

Bengaluru and Delhi-NCR accounted for half of the total leasing during the first quarter of this calendar year.

As per the data, the gross le