With office space leasing activity in Kolkata witnessing a good recovery, real estate developers are expecting that the leasing activity to return to pre-pandemic levels in the next six to nine months.
Kolkata’s office leasing activity in the first quarter of the year saw an 84% year-on-year growth. Total office leasing for the quarter was observed at 0.2 million square feet in Kolkata, led by technology firms (33%), flexible space operators (25%), and BFSI companies (19%), according to a report by CBRE.
CBRE, in its report, said office leasing activities in India registered a growth of 97% to 11.4 million square feet on a year-on-year basis. Bangalore, Hyderabad and Chennai dominated development completions, accounting for a cumulative share of about 70%.
Merlin Group, one of the leading real estate players, expects office space leasing activity in Kolkata to return to pre-pandemic levels in the next six to nine months. “Office space demands are coming back. A lot of leasing activities are being taken place. As the pandemic is over now, gradually companies are reopening their offices, inspiring employees to work from office,” Saket Mohta, managing director, Merlin Group, told reporters on Thursday.
Merlin Group is investing `200 crore for setting up a commercial tower at Sector V, Salt Lake, the city’s IT hub. “The project targets small offices starting from 542 sq ft onwards to cater to the needs of the fast growing segments like start ups, MSME and big brands as well,” Mohta added. Construction activity for the project, called “The Summit”, has already been started and it is likely to be ready by October-November, 2025.