Wire and cable manufacturer Polycab India has acquired a sea-view office spread over two floors at commercial tower The Ruby in central Mumbai’s Dadar locality for over Rs 202 crore in one of the few large outright deals for office spaces in the recent past.
Across the top seven cities of India, net office leasing rose 113% from a year ago to 11.55 million sq ft in the first quarter of 2022, showed data from JLL India. However, the performance was similar to the last quarter due to lingering uncertainties surrounding the pandemic.
The technology sector continues to be the highest occupier segment in terms of market activity and was well supported by demand from flexible office space providers.
The flex segment leased 2.2 million sq ft of space during the quarter, the highest since the pandemic broke. This is also more than 50% of the total annual space leased by this segment in each of 2020 and 2021.