Savills India's latest report indicates that office space absorption across India’s six major cities stood at 14 mn sq.ft., registering 16% QOQ growth in the first quarter of 2023. For your kind reference.
There are several reasons for the growing demand for Grade-A offices in India, including infrastructure development, the availability of high-quality developments that meet international standards, and improvements in the ease of doing business.
Cities like Gurugram have seen a significant imbalance between demand and supply, with the former surpassing the latter by a considerable margin. The IT and business process management sectors are rapidly expanding and hiring at a substantial pace.
Besides that, the establishment of headquarters and global capability centers (GCCs) by many multinational companies has further fuelled the demand for top-notch office spaces for leasing.