The office real estate market in India has experienced significant growth, with metro cities like Bengaluru, Hyderabad, Mumbai, and Delhi-NCR playing a major role in driving this expansion. According to a recent report by CBRE, the office leasing activity in India reached new heights in 2024, recording a gross absorption of 79.0 million square feet. This represents a remarkable 16% increase year-over-year, marking the highest leasing activity ever seen in a single year.
The surge in demand for office spaces can be attributed to the growing influx of global businesses into India. Sectors such as technology, banking, financial services, insurance (BFSI), and Global Capability Centres (GCC) are leading the charge in leasing office spaces. As these sectors continue to expand and thrive, the demand for modern office spaces, particularly in top-tier cities, has soared.
The office real estate market in India has been fueled by a combination of factors, including the country’s strong economic performance, an increasing number of multinational corporations establishing their operations in major cities, and the rise of flexible workspaces. Additionally, the shift towards hybrid work models has further heightened the need for well-equipped office spaces to accommodate the evolving needs of businesses and employees.
The year 2024 marks a turning point in India’s office real estate sector, setting new benchmarks for leasing activity. With growing interest from global firms and a continued rise in demand for office space, the outlook for the sector remains positive, positioning it for further growth in the coming years.
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