New Delhi, October 3, 2024: India’s office market continues to exhibit remarkable resilience, with leasing activity reaching a robust 53.43 million square feet during the January-September period of 2024. This surge reflects a strong demand for quality office spaces across the country, driven by a combination of factors, including a growing economy, expanding businesses, and a preference for flexible workspaces.
The National Capital Region (NCR) maintained its dominance in the office market, accounting for 31% of the total leasing activity. Bengaluru, the country’s IT hub, followed closely with a 20% share. Other major cities such as Hyderabad, Pune, and Mumbai also witnessed significant leasing activity, indicating a broad-based recovery in the office sector.
The demand for office space has been fueled by a number of factors, including the growth of the IT and ITES sectors, the expansion of e-commerce and start-up companies, and the increasing adoption of flexible workspaces. Additionally, the government’s focus on infrastructure development and urban renewal has created a favorable environment for office space demand.
Looking ahead, the outlook for India’s office market remains positive. The country’s strong economic fundamentals, coupled with the growing preference for flexible workspaces and the government’s focus on infrastructure development, are expected to drive continued growth in the sector.
