India’s commercial real estate sector witnessed remarkable momentum in 2024, driven by record-breaking corporate leasing and high-value office space deals. From bustling metros to emerging business hubs, these transactions reflect the growing demand for premium workspaces.

Embassy Office Parks REIT, India's first listed REIT and Asia's biggest office REIT by area, increased its fiscal 2025 leasing objective to 6.5 million square feet from 5.6 million. This adjustment shows that corporate occupiers, notably GCCs, continue to seek premium office locations.

Company demand for flexible workspaces will peak in 2024. In the first half of 2023, 106,554 seats have been rented, compared to 155,000 for the year. Leasing is growing rapidly due to economic development, changing work dynamics, and the necessity for cost management.

WeWork India leased 140,000 square feet of office space in Bengaluru and Noida to accommodate flexible workspace demand. Their portfolio will grow by 2,400 seats with these additional offices opening between September and October.

Bengaluru has become India's largest and most important office market, surpassing all other cities. In June 2024, the city's office space exceeded 223 million sq ft, up from 100 million in 2013. It has the most office space in India. This brief report from Ghar.tv highlights critical points.

According to a report by the Confederation of Indian Industry (CII) and Knight Frank, Global Capability Centres (GCCs), flexible and co-working spaces, and the IT sector will drive office space demand in India to 1.7 billion square feet by 2030.

Due to decarbonisation ambitions, more Indian enterprises are prioritising eco-friendly commercial real estate. Green office space demand is outpacing supply in India's key property markets, signalling a new age of corporate environmental conscience.

Commercial purchases in Bengaluru fell 14.3% to 12.5 million square feet in 2023. Knight Frank India ascribed this decline to US inflation and a slowing technology industry, which drives Bengaluru's office space demand.

India's Office Market Leadership in APAC. India may dominate Asia Pacific office space demand by 2024. Over half of regional demand is projected from the top eight Indian cities, including Bengaluru, Mumbai, and Delhi.

Incuspaze has leased a total of 9.7 lakh square feet of office space in Noida and Gurugram to accommodate the growing demand for flexible workspaces from corporations.

Flexible office space provider Awfis Space Solutions plans to double its portfolio to 250 centres by March 2024, fuelled by resilient demand from both corporations and startups.