Global occupiers drive India office demand boom

India's commercial real estate rocketed last year, primarily on the back of swelling demand from global firms scouring the country for office spaces, according to reports by top property consultants.

- Khushi Malhotra

Net office absorption—or the new net floor space occupied by companies—reached about 50 million sq. ft. (msf) in 2024, the highest in five years, as per reports by real estate consultancies Cushman and Wakefield and JLL Research.

Across India's top nine cities, overall office leasing recorded a historical high of 79 msf in 2024, CBRE, a real estate services and investment firm said in a report.

"As we close out 2024, the Indian office market continues to shine as a pivotal hub for global occupiers, reaching historic net absorption levels of 49.56 msf," said Rahul Arora, head-office leasing and retail services, and senior managing director (Karnataka, Kerala), India, JLL.

"The expansion of global capability centres (GCCs) in core markets will be pivotal," he added, "...with changing workplace dynamics fuelling occupier demand, particularly in financial services, manufacturing, and tech outsourcing. India's office market is poised for continued upward momentum."