India's office market remained very active in the year 2024 and the demand for office space increased by 19 percent to a record 885.2 lakh square feet in eight major cities. This information has been given in a report. According to data from real estate consultant Cushman & Wakefield (C&W), the gross lease demand for office space was 745.6 lakh square feet in 2023, which increased to 885.2 lakh square feet in 2024. Anshul Jain, Chief Executive of tenant Representation, India, Southeast Asia, and APAC at Cushman & Wakefield, said, “The year 2024 was a decisive year for India's office sector with record-breaking lease demand in terms of volume.”

Demand coming from global multinational companies.

He said the growing presence of global capacity centers (GCCs), which are contributing nearly 30 percent to the total demand, underlines India's strategic importance to global multinationals. Among the eight major cities, gross lease demand in Bengaluru grew 64 percent to 259.3 lakh sq ft in 2024 from 158 lakh sq ft in 2023. Demand in Mumbai grew 27 percent from 140.8 lakh sq ft to 178.4 lakh sq ft, Hyderabad grew 37 percent from 90.1 lakh sq ft to 123.1 lakh sq ft and Ahmedabad grew 11 percent from 16.3 lakh sq ft to 18.1 lakh sq ft.

Decreased demand here

Office demand declined in the Delhi-National Capital Region (NCR), Chennai, and Pune, while Kolkata's market remained stable. Demand in Delhi-NCR fell by three percent to 131.4 lakh square feet from 135.7 lakh square feet. In Pune, it was 84.7 lakh square feet, which is 13 percent less than 97.4 lakh square feet in 2023. In Kolkata, it remained stable at 17 lakh square feet in 2024 and 2023.