India Emerges as a Key Player in APAC Office Leasing for 2024
Knight Frank's Asia-Pacific Horizon II report highlights India's pivotal role in the shift of corporate real estate in the region.
IndiaReal EstateOffice LeasingApacGlobal Capability CentersReal EstateMay 28, 2025
The report highlights several factors contributing to India's prominence in the corporate real estate market. The country's robust economic growth, coupled with favorable government policies, has attracted a surge in foreign investments. Additionally, the rise of global capability centers (GCCs) has played a crucial role in driving demand for office spaces.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, stated, 'India's strategic location, skilled workforce, and cost-effective business environment have made it an attractive destination for multinational corporations. The establishment of GCCs has not only boosted the local economy but also enhanced the country's global standing in the real estate sector.'
The report also notes the increasing trend of companies adopting flexible work models, which has led to a higher demand for co-working spaces and serviced offices. This shift has been particularly evident in major cities such as Bengaluru, Mumbai, and Delhi-NCR, where the real estate market has shown remarkable resilience despite global economic challenges.
According to the report, Bengaluru, often referred to as the 'Silicon Valley of India,' has seen a significant increase in office leasing activities. The city's robust IT and tech ecosystem, along with its favorable business environment, has attracted numerous tech giants and startups. Similarly, Mumbai, the financial capital of India, has witnessed a surge in demand for premium office spaces, driven by the financial and professional services sectors.
Delhi-NCR, another key market, has seen a rise in the adoption of flexible workspaces, catering to the needs of startups and small businesses. The region's strategic location and connectivity to major business hubs have made it a preferred choice for companies looking to expand their footprint in the region.
The report also emphasizes the role of sustainability and green building practices in shaping the future of corporate real estate in India. With a growing focus on environmental, social, and governance (ESG) factors, many companies are prioritizing sustainable office spaces that not only reduce their carbon footprint but also enhance the well-being of their employees.
Shishir Baijal further added, 'As the world continues to recover from the pandemic, the demand for sustainable and resilient office spaces is only expected to grow. India's real estate market is well-positioned to meet these evolving needs, thanks to its dynamic business environment and forward-looking policies.'
In conclusion, the Asia-Pacific Horizon II report highlights India's growing importance in the global real estate landscape. The country's ability to attract and retain international investments, coupled with its focus on sustainability and innovation, positions it as a key player in the region's office leasing market for 2024 and beyond.
Knight Frank, a global real estate consultancy, provides comprehensive services across various segments, including residential, commercial, and industrial real estate. The company's extensive research and insights help businesses make informed decisions, contributing to the growth and development of the real estate sector worldwide.
Frequently Asked Questions
What is the Asia-Pacific Horizon II report?
The Asia-Pacific Horizon II report, titled 'Whiplash to Resilience: Corporate Real Estate in the New World Order,' is a comprehensive analysis of the corporate real estate market in the Asia-Pacific region, published by Knight Frank.
Why is India a key player in APAC office leasing?
India has become a key player in APAC office leasing due to its robust economic growth, favorable government policies, and the rise of global capability centers (GCCs), which have attracted significant foreign investments and boosted demand for office spaces.
Which cities in India are seeing the most office leasing activities?
Major cities such as Bengaluru, Mumbai, and Delhi-NCR are experiencing significant office leasing activities. Bengaluru, known as the 'Silicon Valley of India,' is particularly notable for its robust IT and tech ecosystem.
What role do flexible work models play in the real estate market?
Flexible work models have led to a higher demand for co-working spaces and serviced offices. This trend is particularly evident in major cities and has contributed to the resilience of the real estate market despite global economic challenges.
How is sustainability influencing the real estate sector in India?
Sustainability and green building practices are increasingly important in the real estate sector. Many companies are prioritizing sustainable office spaces that reduce their carbon footprint and enhance employee well-being.
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