Indian office property net absorption is rising due to global capability centres (GCCs) and flexible spaces. India's status as a business centre is strengthened by global and local firms' rapid development.

Mindspace Business Parks REIT leased over 2 million square feet in the quarter ended March 2024, a record. This is the greatest lease volume since its August 2020 IPO, totaling 3.6 million square feet for 2023-24.

Bank of America (BofA) has acquired 1.1 million square feet of Chennai office space in a major move. This sale is BofA's biggest office space transaction of 2023 and one of its largest captive centres outside the US. The DLF Downtown, Taramani site is for the bank's Indian back office.

This is surely good news for commercial real estate in India. According to prominent real estate companies, office gross absorption in India's top six cities was over 33 million square feet, a 10% increase over 2020.