India's Office Market Reaches Highs in 2024

India’s office market reaches record highs!

And indicates India’s growing importance.

Global office markets struggle. With limited demand, flight for quality and reductions in portfolio sizes, office portfolios around the globe are in difficult positions.

But not in India.

While global office markets face headwinds, India's market hits historic highs in 2024 with total net absorption of office space growing at +22.6% year-over-year and with Bengaluru and Mumbai leading at +41.9% and +40.1% respectively.

Three key drivers that I see:

1️⃣ Global companies fueling 58.6% of leasing activity, demonstrating India's growing strategic importance.

2️⃣ Strong tech talent ecosystem attracting international firms looking to distribute engineering capabilities.

3️⃣ Global Capability Centers (GCCs) evolving from service centers to innovation hubs, driven by AI/ML & cloud demand.

Real estate is always proof of economical developments and strategic shifts. Recent major commitments from Airbus, Google and many others validate India's position and growing importance globally.

A momentum that I think will continue.

What is your take?


🤝 Exploring opportunities in India or emerging markets? Let's connect and discuss!

♻️ Follow me, Peter Paul Pratter, for insights on global real estate, sustainability, and market entry strategies.

Source: The Economic Times

Source links: Link to article with The Economic Times

Link to original LinkedIn Post.

Cross-post: India is Home to 4 out of the 10 Fastest Growing Cities Globally , Airbus increases presence in Bengaluru , Karnataka is the GCC Hotspot

India, Technology, GDP, Economy, Growth, Bengaluru, Bangalore, Tech, Future City, GCC