Gross leasing of office space across eight major Indian cities is expected to rise 14% in 2024, reaching a record 85 million square feet. In 2023, gross leasing stood at 74.6 million square feet across Bengaluru, Hyderabad, Mumbai, Delhi-NCR, Chennai, Pune, Kolkata, and Ahmedabad.

India’s office real estate market has consistently seen more than 70 million square feet of gross leasing volume since 2022. During the January–September period of 2024, gross leasing already reached 66.7 million square feet. Historical volumes include 49.1 million sq. ft. in 2018, 67.7 million sq. ft. in 2019, 46.6 million sq. ft. in 2020, 50.4 million sq. ft. in 2021, 72 million sq. ft. in 2022, and 74.6 million sq. ft. in 2023.

The growth is being driven by strong demand from IT-BPM, BFSI, Engineering & Manufacturing, and flexible workspace operators, which were the top-performing sectors. Global corporate centers are expected to contribute nearly 30% of the total gross leasing volume.

The surge in leasing of top-grade office assets in 2024 and 2025 is putting upward pressure on rents in prime micro-markets. However, with a consistent influx of new supply, the overall rent increase is expected to be moderate, maintaining a tenant-friendly market sentiment.

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