India's office market witnessed a record 19 per cent increase in gross leasing to 885.2 lakh square feet across eight major cities in 2024, according to real estate consultant Cushman & Wakefield (C&W).
Office LeasingCommercial Real EstateIndian CitiesCushman WakefieldGradea SpacesReal Estate NewsJan 04, 2025
The 19 per cent increase in office leasing in 2024 is significant as it marks a record growth in gross leasing to 885.2 lakh square feet across eight major cities, reaffirming India's position as a strong growth market for office space demand.
Bengaluru saw the highest increase in office leasing with a 64 per cent rise to 259.3 lakh square feet, up from 158.3 lakh square feet in the previous year.
Global Capability Centers (GCCs) are facilities established by global companies to handle various business functions. They contribute nearly 30 per cent of the total office space demand, highlighting India's strategic importance for global multinationals.
The 'flight to quality' trend refers to businesses and tenants increasingly opting for Grade-A office spaces that offer modern amenities, wellness features, and ESG compliance. This trend is driving the demand for high-quality office spaces.
Landlords are raising the bar by renovating older properties and launching new projects designed to meet the evolving needs of occupiers, such as providing modern amenities, wellness features, and ESG compliance.
The government has announced a proposal to modify the capital gains tax formula for real estate investors, providing an option to choose between a 12.5% tax rate without indexation or a 20% rate with indexation for properties acquired before July 23, 2024
Face of India 2024, spearheaded by Badal Saboo, is reigniting Pune's fashion scene by blending high fashion with luxury real estate, opening new doors for Indian fashion on the global stage.
The Telangana Finance Department has sanctioned 33 new posts for the Real Estate Appellate Tribunal, directing the MA&UD department to obtain financial approval before initiating recruitment.
Nilkamal registered a 30.27% increase in its net consolidated profit for the quarter ended September 30, 2024. The company's net profit after tax stood at Rs 32.62 crore, up from Rs 25.04 crore in the corresponding quarter of the previous fiscal year.
Certus Capital, a prominent real estate investment firm, has announced a significant investment of Rs 150 crore in two housing projects located in the Mumbai Metropolitan Region. This move is part of their broader strategy to actively evaluate and invest
Indiranagar's 100 Feet Road has surpassed other locations in the Asia Pacific region in terms of retail rental growth, making it a prime destination for businesses and investors.