Summary:

India's office market is evolving, with local enterprises expected to lease 60-65 million square feet between 2024 and 2025, according to CBRE. Domestic firms have expanded office space absorption by 60% since pre-pandemic levels (2018-2019), accounting for 47% of leasing activity over the past decade. Key locations such as Delhi-NCR, Bengaluru, and Mumbai are driving demand, with Mumbai contributing 43% of BFSI leasing.

Domestic tech companies are increasing their office space to meet rising demand for technological solutions. Recent leases include L&T Technology Services (545,000 sq. ft in Bengaluru), LTI Mindtree (1.2 million sq. ft in Bengaluru and Chennai), Smartworks (700,000 sq. ft in Bengaluru), and IDFC (500,000 sq. ft in Mumbai). Initiatives like Make in India and the PLI Scheme are fueling this growth, with leasing up 14% year-on-year in the first half of 2024.

Source: IBEF 

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