India's office market remained historically active in 2024. Demand for office space in eight major cities increased by 19 per cent, reaching a record level of 885.2 lakh square feet. This information has been given in the report of real estate consultant Cushman & Wakefield (C&W).

Journey from 2023 to 2024

Gross lease demand in 2023 was 74.56 million sq ft. It increased significantly in 2024 to 88.52 million sq ft. Anshul Jain, Chief Executive, Tenant Representation, India, Southeast Asia and APAC, Cushman & Wakefield, said 2024 proved to be a defining year for the Indian office sector.

Growing interest from global companies

Jain said that Global Competence Centres (GCCs) are contributing about 30 per cent of the total demand. This makes it clear that India is becoming a strategic hub for multinational companies.

Highest jump in Bengaluru

Bengaluru led the way among the eight major cities. Here the gross lease demand increased by 64 percent from 158.3 lakh sq ft in 2023 to 259.3 lakh sq ft in 2024.

Performance of other cities

Mumbai: 27% up from 140.8 lakh sq ft to 178.4 lakh sq ft.

Hyderabad: Increased by 37% from 90.1 lakh sq ft to 123.1 lakh sq ft.

Ahmedabad: 18.1 lakh sq ft, an increase of 11% from 16.3 lakh sq ft.

Decline in some cities

However, demand declined in Delhi-NCR, Chennai and Pune.

Delhi-NCR: Down 3% to 131.4 lakh sq ft from 135.7 lakh sq ft.

Pune: Fell 13% to 84.7 lakh sq ft from 97.4 lakh sq ft.

Kolkata: Remained stable at 17 lakh sq ft.

2024: A decisive year

2024 wrote new history in India's office space market. While some cities added new dimensions to their prospects, some faced challenges. Nevertheless, this year overall symbolized the growing strength and global attraction of the Indian real estate sector.