India Market Monitor Q3 2024 - Office

India’s robust off­ice leasing activity in the first half of the year sustained its momentum into the third quarter, achieving a remarkable space take-up of 19 million sq. ft. This strong performance contributed to a nine-month record high in leasing at 53.8 million sq. ft., showcasing continued confidence of occupiers in the country’s o­ffice market.

Off­ice absorption in the country is likely to remain strong and is expected to record a historic high of ~70 million sq. ft. in 2024, with occupiers continuing to expand their operations and consolidate their facilities. We anticipate a consistent supply of quality o­ffice space, with about 58-60 million sq. ft. completions for the year.

Leasing by global capability centres (GCCs) is expected to account for 35-40% of the total off­ice absorption in the country in 2024 as fresh firms establish their global centres in the country while the existing firms expand their facilities. Additionally, GCCs are poised to drive demand for both traditional and flexible o­ffice spaces.

To delve deeper into our analysis of the country’s office real estate landscape in Q3 2024, please click on the download button.