Latest data released by real-estate and construction consultant Cushman & Wakefield (C&W) for the eight major cities in India pointed to Bengaluru leading the pack with gross leasing of workspace in 2024 hitting 259.3 lakh square feet, up year-on-year by 64 per cent.
For the year, India’s office market saw a 19 per cent jump in gross leasing (or absorption of office space) to reach a whopping 885.2 lakh sqft.
Following Bengaluru was the “business capital” of the country, Mumbai, which saw gross leasing spike 27 per cent to 178.4 lakh sqft.
Hyderabad took the third spot in increasing workspaces, soaring by 37 per cent rise to reach 123.1 lakh sqft.
Ahmedabad saw an 11 per cent increase in gross office-space leasing to 18.1 lakh sqft.
Among the laggards were Delhi-NCR, Chennai, and Pune. Delhi-NCR saw gross leasing slip 3 per cent to 131.4 lakh sqft, while Pune witnessed a 13 per cent slide to 84.7 lakh sqft.
Kolkata was the only major city that saw almost flat office space absorption, with annual levels at around 17 lakh sqft.
“The year 2024 has been a defining year for India’s office sector, achieving record-breaking leasing volumes and reaffirming the country’s position as the strongest growth market globally for office space demand,” said C&W India chief Anshul Jain.
The real estate consultant predicted that in 2025, the demand for premium “Grade-A” spaces would remain healthy, with India being a major player in the global office market.
The gross leading volume is an industry metric that factors in all leasing-related activity in the real estate market, including new leases, pre-leases, and open-market renewals.
