Kochi witnesses surge in office space rentals, technology sector leads

Kochi: In a testament to its expanding business landscape, Kochi is experiencing a remarkable surge in office space rentals. Recent data reveals an astounding increase, with five lakh square feet of office space rented in the city during the first three months of the year, compared to two lakh square feet for the same period last year, marking a significant rise of 150%

The technology sector emerges as the frontrunner, accounting for a whopping 96%, followed by the engineering sector at 3% and the banking and financial services sector at 1%. Notably, the most substantial deal involves a leading technology firm securing 3.34 lakh square feet of space in Lulu Cyber ​​Tower. Demand remains strong for areas spanning up to 10,000 square feet, seeking accommodation in the city.

Across nine major cities in the country, a total of 1.44 crore square feet of office space was rented in the last quarter. However, this represents a slight decrease of 3% compared to the same period last year. It is worth noting that Kochi experienced a significant surge during this period.