Summary:

India dominated the Asia Pacific office market in Q3 2024, accounting for over 70% of total demand, surpassing China’s 17%. The Indian market saw 17.3 million square feet in leasing, led by Bengaluru and Hyderabad. Rental rates grew by up to 10% YoY, reflecting continued expansion. Premium office demand remains strong, with rents expected to rise. Colliers India projects growth in 2025, with a 10.7% YoY rise in Q3 2024.

Demand for high-quality, sustainable workspaces drove office lease increases of more than 30% year on year in India, New Zealand, and Singapore. India is estimated to absorb 5-6 million square meters (54-64 million square feet) of Grade A office space by 2024. For Q3 2024, new office supply in India aligns with demand, with Bengaluru and Hyderabad accounting for 64%.

Source: IBEF 

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