Summary:

Bengaluru and Mumbai are leading the way in environmentally friendly office spaces, accounting for nearly 75% of the market. In Q2 2024, these cities represented more than half of the greencertified building market. The top six cities leased 13 million square feet of green-certified office space, marking a 24% year-over-year increase and 82% of total leasing activity. Industries such as technology, engineering, and manufacturing are particularly focused on green-certified environments, with notable certifications including LEED, GRIHA, and WELL.

As of June 2024, over 67% of Grade A office buildings in the top six cities are green-certified, with Bengaluru and Delhi NCR making up half of this total. Nearly 70% of the 13.2 million square feet of new Grade A office space completed in Q2 2024 was green-certified. Over the next 2-3 years, a significant portion of the 150 million square feet of ongoing projects is expected to receive green certification, potentially increasing the Grade A green stock to over 600 million square feet. The rising demand for green spaces is driving developers to expand sustainable offerings and retrofit older buildings, with 300-350 million square feet of commercial property older than ten years set for renovation.

Source: IBEF

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