India The office market of India remained very active in the year 2024 and the demand for office space increased by 19 percent to a record 885.2 lakh square feet in eight major cities. This information has been given in a report. According to data from real estate consultant Cushman & Wakefield (C&W), gross lease demand for office space was 745.6 lakh sq ft in 2023, rising to 885.2 lakh sq ft in 2024. “2024 has been a defining year for India’s office sector with record-breaking lease demand volumes,” said Anshul Jain, Chief Executive, Tenant Representation, India, Southeast Asia and APAC, Cushman & Wakefield.
Demand coming from global multinational companies
He said the growing presence of Global Capability Centers (GCCs), which are contributing about 30 per cent of the total demand, underlines India’s strategic importance for global multinationals. Among the eight major cities, gross lease demand in Bengaluru is expected to increase by 64 per cent to 259.3 lakh sq ft in 2024. Whereas in 2023 it was 158 lakh square feet. Demand in Mumbai increased by 27 per cent to 178.4 lakh sq ft from 140.8 lakh sq ft, in Hyderabad by 37 per cent to 123.1 lakh sq ft from 90.1 lakh sq ft and in Ahmedabad by 11 per cent to 18.1 lakh sq ft. Went.
decreased demand here
There has been a decline in office demand in Delhi-National Capital Region (NCR), Chennai and Pune. Whereas Kolkata market remained stable. Demand in Delhi-NCR declined by three per cent to 131.4 lakh sq ft from 135.7 lakh sq ft. Pune had 84.7 lakh square feet, which is 13 percent less than 97.4 lakh square feet in 2023. In Kolkata it remained stable at 17 lakh square feet in 2024 and 2023.
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