India's Office Stock Poised to Surpass 2 Billion Sq Ft by 2047: Report
Driven by strong economic growth, increasing institutionalisation, and rising demand, India's office stock is projected to exceed 2 billion square feet by 2047. The real estate sector is also expected to become a $10 trillion market by the same year.
Real EstateOffice StockUrban DevelopmentEconomic GrowthCredaiReal EstateSep 11, 2025
'Grade A' office stock in India has surged over 3 times since 2010 to more than 800 million sq ft currently, driven by accelerated demand from both Global Capability Centres (GCCs) and domestic players across segments such as technology, BFSI, engineering, and manufacturing, according to a report by Colliers in collaboration with the Confederation of Real Estate Developers’ Association of India (CREDAI).
On the industrial and warehousing front, Grade A stock levels surpassed the 250 million sq ft mark in 2025, growing multifold compared to 2010 levels, amid robust infrastructure development, private sector participation, and evolving consumer demand and warehousing requirements.
Demographic shifts, rising income levels, and improved affordability and housing sales have also played a significant role. In the 2010s, urban migration driven by the IT sector led to a surge in demand for housing across tier I cities of the country. The Real Estate (Regulation and Development) Act (RERA) brought in the much-needed transparency and accountability. Although housing sales took a hit in the immediate aftermath of the COVID-19 pandemic, the segment bounced back strongly, with record-breaking sale volumes in recent years.
Over the next few decades, India’s median age is expected to rise further to 30-40 years, a range that aligns with peak income and consumption levels. This transition represents a sweet spot for the economy, as a significant proportion of the workforce enters their prime earning years. Coupled with an anticipated rise in income levels and supported by progressive housing policies, annual housing sales could potentially double to 1 million units by 2047, the report stated.
Indian cities are urbanising rapidly, with nearly 900 million people—53 per cent of the population projected to live in urban areas by 2050, up from the current levels of 37 per cent. To accommodate this growth, urban development needs to expand beyond the established tier I cities into smaller tier II and III cities and emerging growth corridors.
India is not just expanding its infrastructure; it is reimagining the future of urban living. In the last 25 years, even though budgetary infrastructure allocations increased at a CAGR of 13-14 per cent, a lot more needs to be done, especially in the wake of rapid urbanisation, said Vimal Nadar, National Director and Head of Research, Colliers India.
India’s real estate sector is set for a high-paced, multi-faceted growth across asset classes. Continued government impetus, along with alignment of multiple private and public stakeholders, should help India become the third-largest economy by 2030. Further, the Indian economy can potentially reach $35-40 trillion by 2047.
At the core of this economic transformation is India’s real estate sector, whose contribution to the GDP has grown steadily—from under 5 per cent in the early 2000s to 6-8 per cent today and is projected to reach 14–20 per cent, positioning it as a potential $10 trillion growth catalyst by 2047, the report stated.
Shekhar Patel, President, CREDAI, said, “By 2047, Indian real estate will not just be measured in square feet or asset values -- it will be defined by the quality of life we create for millions of citizens. The sector is uniquely positioned to reimagine India’s urban future: designing climate-resilient cities, building affordable yet aspirational homes, and nurturing ecosystems that foster innovation and inclusivity.”
Frequently Asked Questions
What is the projected growth of India's office stock by 2047?
India's overall office stock is projected to exceed 2 billion square feet by 2047, driven by increasing institutionalisation, demand scale-up, and strong economic growth prospects.
How has the 'Grade A' office stock in India grown since 2010?
'Grade A' office stock in India has surged over 3 times since 2010 to more than 800 million sq ft currently, driven by demand from Global Capability Centres (GCCs) and domestic players in technology, BFSI, engineering, and manufacturing.
What is the current and projected role of the real estate sector in India's GDP?
The contribution of India’s real estate sector to the GDP has grown from under 5 per cent in the early 2000s to 6-8 per cent today and is projected to reach 14–20 per cent by 2047, positioning it as a potential $10 trillion growth catalyst.
How is urbanisation expected to impact India by 2050?
By 2050, nearly 900 million people, or 53 per cent of the population, are projected to live in urban areas, up from the current levels of 37 per cent. This will require urban development to expand beyond tier I cities into smaller tier II and III cities.
What measures are being taken to ensure transparency and accountability in the real estate sector?
The Real Estate (Regulation and Development) Act (RERA) has brought in much-needed transparency and accountability in the real estate sector, helping to boost consumer confidence and market growth.
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