From Existing to Exceptional: A Strategic Approach to Retrofitting Indian Office Spaces

Sustainable assets, highly amenitized tech parks and community spaces—these are a few of the coveted aspects that occupiers are increasingly seeking in workplaces. In the post-pandemic era, a clear ‘flight-to-quality’ trend has emerged, with rising demand for Grade A office spaces that offer superior infrastructure, seamless connectivity to essential infrastructure, and long-term asset appreciation. This trend comes at a time when India’s office sector has demonstrated remarkable growth, marked by record-high leasing volumes in 2023 and 2024. However, with demand persistently outpacing supply, the sector is witnessing a growing shortage of premium office spaces. To bridge this gap, the market must prioritise not only new developments but also the strategic upgradation of existing assets to meet evolving occupier expectations and ensure long-term value.

Notably, the country's office market is grappling with a significant volume of ageing Grade A assets, with around 50% of the total stock over a decade old across several cities. Without timely upgrades, these assets could face declining occupancies, stagnant rents, and possible obsolescence. In our report ‘From Existing to Exceptional: A Strategic Approach to Retrofitting Indian Office Spaces’, CBRE Research estimates that about 430-440 million sq. ft. of completed office stock is potentially upgradable, presenting an investment opportunity of ~INR 304–520 billion.

Beyond mere functionality, the benefits of retrofitting ageing office assets extend into offering stronger occupier appeal, enhanced tenant retention, increased leasing velocity, and improved wellbeing for the employees. To capitalise on these benefits and unlock greater asset potential, this data-driven report outlines strategic upgrade avenues at campus and building levels, leveraging emerging technologies to maximise the impact of retrofitting initiatives.

To access the full report, unveiled at the ‘CBRE-ET Realty’ Real Estate Summit in Bangalore in May 2025, please click the download button below.