India's Office Market Achieves Record Growth in 2024

Leasing activity across top cities hits historic highs, driven by global companies and demand for tech and flex spaces.

India's office market recorded its highest-ever leasing activity in 2024, with gross leasing volumes reaching 89 million sq ft, a 19% increase over 2023.
Net absorption of office spaces hit a record 50 million sq ft, surpassing pre-COVID peaks, with Bengaluru leading at 14.18 million sq ft.
Global Capability Centres (GCCs) accounted for nearly 30% of office demand, driven by growth in AI, R&D, and innovation-focused projects.
Bengaluru, Mumbai, and Hyderabad posted their best-ever leasing volumes, with Bengaluru alone contributing 29% of total gross leasing activity.
The flex office space segment grew significantly, capturing nearly 20% of annual leasing, while the IT-BPM sector led demand at 30%.