India Market Monitor Q1 2024 – Office

India's economy continues to grow at the fastest pace among all major economies. Inflation has come down for almost all major goods and services except for food items. Private consumption is expected to pick up as inflation eases in the coming months. Further decline in the Consumer Price Index (CPI) would strengthen the Reserve Bank of India’s (RBI) confidence to initiate a measured easing of key policy rates and reserve ratios. The government's fiscal consolidation roadmap, coupled with the central bank's cautious monetary policy, has established a strong footing for continued economic expansion.

With this backdrop, here is a review of the key trends witnessed in the office real estate sector in Q1 2024:

-        Office: India's o­ffice leasing activity exhibited stability in the review quarter, mirroring trends observed at the outset of preceding years. The space take-up was led by occupiers’ expansionary initiatives across cities.

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