Indian office market set for record leasing in 2024
office space leasing of 83-85 million sq ft, beating the previous peak volume of 2023 by 13% y-o-y.
According to Cushman & Wakefield, India’s rising attractiveness as a destination for GCCs has had a big influence on demand, as GCCs now account for 30% of gross leasing volume (GLV), with the share slated to rise further.
Growth was also driven by healthy volumes seen in the IT-BPM, BFSI, Engineering & Manufacturing (E&M) and flex operator spaces.
«The momentum is largely driven by fresh leasing, accounting for over 70% of activity, and the growing presence of Global Capability Centers (GCCs), which contribute nearly 30% of total leasing and are projected to rise to 35% in 2025.As we move into 2025, occupiers should anticipate limited Grade-A space in core markets, prompting the need for pre-leasing strategies to secure premium locations,” said Veera Babu, managing director, tenant representation, Cushman & Wakefield.
Given the real estate industry’s scenario in the USA and China, India is seen as the biggest driver of office leasing volume in the world. Within APAC, India is likely going to end the year with nearly 70% of region’s total net absorption.
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