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India’s office space market set new records in 2024, with leasing activity rising by 19% compared to 2023. According to Cushman & Wakefield, businesses leased 885.2 lakh square feet of office space across eight major cities, up from 745.6 lakh square feet the previous year.

Anshul Jain, CEO at Cushman & Wakefield, called 2024 a milestone year for India’s office sector. He noted that Global Capability Centers (GCCs), which accounted for 30% of the demand, show how important India is for global businesses.

Top Cities

• Bengaluru: The city led the charge with a 64% increase in leasing, reaching 259.3 lakh square feet. Bengaluru, long known as India’s tech and innovation hub, saw continued growth driven by demand from IT, technology, and startups. Its infrastructure and skilled workforce continue to make it an attractive location for multinational companies.

• Mumbai: Mumbai saw a 27% increase in leasing activity, with 178.4 lakh square feet leased in 2024. The financial capital of India remains a hotspot for both local and international businesses, particularly those in finance, professional services, and real estate.

• Hyderabad: With a growth of 37%, leasing activity in Hyderabad reached 123.1 lakh square feet. Hyderabad’s rapidly expanding IT sector and competitive real estate prices have made it a top choice for companies seeking to establish or expand their operations.

However, not all cities experienced growth in 2024:

Delhi-NCR: Delhi-NCR saw a slight decline in leasing, with a 33% drop in office space leasing, totaling 112.7 lakh square feet. Despite being a political and economic hub, Delhi-NCR's office market faced challenges due to evolving work patterns, including hybrid work models and a preference for smaller, more flexible office spaces in some areas.

Chennai: Leasing activity in Chennai remained stable, with a slight increase of 5% compared to the previous year, totaling 60.5 lakh square feet. Chennai continues to attract IT and manufacturing companies due to its strong infrastructure and proximity to the southern industrial hubs.

Pune: Pune saw a moderate rise of 8%, with leasing activity reaching 50.2 lakh square feet. The city remains an attractive destination for IT and educational institutions, with a growing demand for office spaces driven by the influx of both domestic and international companies.

Kolkata: Kolkata witnessed a decline in leasing activity, down by 2% compared to 2023, with total leased space reaching 40.3 lakh square feet. While Kolkata has potential in sectors such as manufacturing and services, it has struggled to keep pace with the rapidly growing markets of Bengaluru and Hyderabad.

Overall, India's office space market in 2024 marked a significant milestone, reflecting the resilience of key cities like Bengaluru, Mumbai, and Hyderabad, while other cities like Delhi-NCR and Kolkata faced some challenges. The rise of Global Capability Centers and the demand for modern office spaces indicate that the sector is adapting to new business needs and regional economic shifts.

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