India’s office market experienced remarkable growth in 2024, with gross leasing activity surging 19% to a record 885.2 lakh square feet across eight major cities, according to Cushman & Wakefield. This compares to 745.6 lakh square feet recorded in 2023.
“The year 2024 has been defining for India’s office sector, achieving record-breaking leasing volumes and reinforcing India as the strongest growth market globally for office demand,” said Anshul Jain, Chief Executive for India, Southeast Asia, and APAC Tenant Representation at Cushman & Wakefield.
A significant portion of this demand—nearly 30%—was driven by Global Capability Centres (GCCs), reflecting India’s strategic role for global corporations. As the market looks ahead to 2025, Grade-A spaces are expected to maintain robust demand, solidifying India’s position in the global office market, Jain added.
City-level highlights
Among the eight major cities, Bengaluru led the charge, with gross leasing jumping 64% to 259.3 lakh square feet in 2024, up from 158.3 lakh square feet in 2023. Mumbai followed, recording a 27% increase to 178.4 lakh square feet, while Hyderabad rose 37% to 123.1 lakh square feet. Ahmedabad also saw growth, with an 11% increase to 18.1 lakh square feet.
However, some cities faced challenges. Delhi-NCR’s leasing declined 3% to 131.4 lakh square feet, and Pune witnessed a 13% drop to 84.7 lakh square feet. Kolkata remained steady at 17 lakh square feet for two consecutive years.
Key drivers and trends
Major demand came from Information Technology and Business Process Management (IT-BPM), engineering, manufacturing, and BFSI sectors. Coworking operators accounted for 14% of total leasing, highlighting the rise of flexible workspaces.
Industry experts noted a “flight to quality,” with businesses preferring Grade-A spaces featuring wellness amenities and ESG compliance. Developers responded by upgrading older properties and launching new projects to meet evolving tenant needs.
Vinod Rohira of K Raheja Corp and Peush Jain of Anarock Group expressed optimism about sustained demand for premium office spaces, driven by infrastructure improvements and increasing participation from domestic companies.
