As we close out 2024, the Indian office market continues to shine as a pivotal hub for global occupiers, reaching historic net absorption levels of 49.56 million square feet.
Bengaluru has emerged as a standout, achieving a remarkable year-on-year net absorption increase of 63.6%, firmly establishing its market-leading position. The tech sector's partial recovery, claiming 25.8% of demand, alongside a robust BFSI and manufacturing/engineering presence, reflects the market's diverse strength.
The Q4 surge, spearheaded by tech at 30.6% and followed closely by flex space at 18.5%, underpins the dynamic and sustained demand across segments. As we look ahead, the expansion of Global Capability Centers (GCCs) in core markets will be pivotal, with quality real estate assets and talent availability driving this growth.
With changing workplace dynamics fueling occupier demand, particularly in financial services, manufacturing, and tech outsourcing, India’s office market is poised for continued upward momentum.
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