India’s Office Leasing Market: Demand Could Exceed 70 Million Square Feet in 2024

In 2024, India’s office real estate market set a record, driven by robust leasing activity, particularly by multinational corporations. Bengaluru, Mumbai, Delhi NCR, and Hyderabad saw significant lease transactions, with Bengaluru leading in fresh demand. Supply also surged, notably in Hyderabad, to meet strong occupier demand for premium Grade A spaces. Global Capability Centers (GCCs) led leasing activity, and the market is bolstered by local companies and the US economy’s resilience. Projected to exceed 70 million square feet in demand, the market benefits from tech sector growth, flexible workspace adoption, and investor confidence, with major completions expected in Bengaluru and Hyderabad.