India’s Office Leasing Sees 21% Growth in 2024
In 2024, office leasing activity across six major cities in India reached a record-breaking 75.2 million sq ft, marking a 21% growth over the previous year, according to Savills India. Bengaluru, Hyderabad, and Mumbai emerged as key drivers, collectively contributing nearly 64% of the total gross leasing activity.
Arvind Nandan, Managing Director of Research & Consulting at Savills India, emphasized that for the second consecutive year, India’s office leasing activity has hit an all-time high, reflecting a robust business environment and strong economic growth. This continued success surpasses previous estimates and signals ongoing recovery, fueled by sectors such as technology, banking, financial services and insurance (BFSI), and flexible workspace providers.
Bengaluru led the way with 22.9 million sq ft of office space leased, a remarkable 47% increase year-on-year. Mumbai followed with 12.2 million sq ft, seeing a 21% rise in leasing activity compared to last year. Hyderabad experienced the largest growth, with a 52% surge in leasing activity, totaling 13.1 million sq ft. Pune also saw significant growth, with absorption levels reaching 8.5 million sq ft, a 20% year-on-year increase.
With factors like rapid urbanization and ongoing infrastructure development playing in India’s favor, experts predict that demand for office space will continue to grow, offering a positive outlook for the commercial real estate sector in the coming years.
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