India's Office Market in H1 2024

What do JP Morgan, Deloitte, Bosch, Atlassian, Sony, Table Space, Smartworks and many others have in common?

They opened or expanded large offices in India in H1 2024!

Against most other office markets, India’s is thriving. Whether local or global major corporations, Flex office operators or emerging businesses, India’s office market shows very healthy demand and supply thanks to many companies establishing or expanding their footprint in the country.

These are some key takeaways from Cushman & Wakefield India’s comprehensive H1 2024 report:

▶ +29% y-o-y gross leasing volume
▶ +46% y-o-y net absorption
▶ 2/3 of active demand in tech cities such as Bengaluru, Hyderabad and Pune
▶ 230+ (!) active deals across top 6 cities with an average space requirement of ~ 200,000 sqft

Main takeaway to me is the continuous growth of Global Capability Centers (GCCs) and tech hubs. Companies across diverse sectors, including finance, consulting, manufacturing, and technology, are establishing or expanding their operations in India to tap into the country's deep talent pool.

With the increasing demand for AI, ML and Data Talent, India is cementing its global position as leader in GCCs and technology hubs. Paired with India’s strong growth trajectory, I’m convinced that this is to be continued.

What do you think?

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Sources: Cushman & Wakefield India

Source links: Cushman & Wakefield’s Market Reports

Link to original LinkedIn Post.

India, Real Estate, Corporate Real Estate, Office, GCC