79 Million Sq Ft Office Space Leased Across Nine Indian Cities in 2024
In 2024, a total of 79 million sq ft of office space was leased across nine major Indian cities, marking a 16% year-on-year growth. Bengaluru, Hyderabad, and Pune accounted for a significant portion of the new office spaces added.
Office LeasingCommercial Real EstateBengaluruHyderabadPuneReal Estate PuneJan 08, 2025
This marked a 16% year-on-year growth compared to the previous year.
The total supply of new office space stood at 52.3 million sq ft in 2024, with Bengaluru, Hyderabad, and Pune collectively contributing to 67% of the new additions.
Bengaluru, the tech hub of India, dominated the office space absorption, accounting for approximately 28% of the total leased space.
This was followed by Hyderabad, which captured 16% of the market, and Mumbai, which held a 15% share.
The technology, BFSI (Banking, Financial Services, and Insurance), and engineering sectors, along with Global Capability Centers (GCCs), were the primary drivers of this demand.
Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, at CBRE, noted, “The momentum seen in 2024 is expected to continue, driven by these sectors.
Companies are increasingly focusing on operational efficiency, which will further boost the demand for premium, future-ready assets that enhance employee well-being and aid in talent retention.”
Global Capability Centers (GCCs) alone accounted for 37% of the total leasing activity, with 29.4 million sq ft of space leased.
This represents a 29% year-on-year growth in GCC leasing.
In the fourth quarter of FY25, GCCs represented 34% of the total leasing activity, amounting to 7.6 million sq ft.
Bengaluru led the GCC leasing segment with a 34% share, followed by Hyderabad (20%), Delhi-NCR (12%), Mumbai (11%), Pune (10%), and Chennai (9%).
Ahmedabad, Kolkata, and Kochi together accounted for 4% of the GCC leasing in Q4 2024.
CBRE, a leading commercial real estate services company, has been instrumental in tracking and analyzing the trends in the Indian office market.
With a keen focus on future-ready assets, CBRE continues to provide insights and solutions that help companies navigate the evolving landscape of commercial real estate in India.
Frequently Asked Questions
Which city leased the most office space in 2024?
Bengaluru leased the most office space in 2024, accounting for approximately 28% of the total leased space.
What was the total office space leased across nine cities in 2024?
The total office space leased across nine cities in 2024 was 79 million sq ft.
Which sectors primarily drove the demand for office space in 2024?
The technology, BFSI (Banking, Financial Services, and Insurance), and engineering sectors, along with Global Capability Centers (GCCs), primarily drove the demand for office space in 2024.
What percentage of the total leasing activity was accounted for by Global Capability Centers (GCCs) in 2024?
Global Capability Centers (GCCs) accounted for 37% of the total leasing activity in 2024, with 29.4 million sq ft of space leased.
Which city led the GCC leasing segment in Q4 2024?
Bengaluru led the GCC leasing segment in Q4 2024 with a 34% share.
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