Domestic office market surges as India becomes hub for global occupiers

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Subscribe to enjoy similar stories. India’s commercial real estate skyrocketed 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.

Net office absorption—or the new net floor space occupied by companies—reached about 50 million sq.ft. in 2024, the highest in five years, according to 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, according to a report by CBRE, a real estate services and investment firm. “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 million sq.ft.," 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." Other experts, too, see demand for office space in India continuing to increase this year, in a sign of robust corporate sector employment and growth although recent quarterly results have been disappointing.