India’s office leasing is on track to surpass 50 million square feet by 2024, marking a significant achievement despite global challenges. According to the latest report from Colliers and FICCI, the resilience of India’s office sector is evident in its consistent growth, anticipating continued healthy leasing activity in 2024 following consecutive all-time highs in 2022 and 2023. This positive trajectory positions India’s office market for further consolidation within the APAC region.
The report offers two scenarios, with an optimistic outlook and economic momentum potentially driving leasing to approximately 55-60 million sq. ft, while a more cautious approach influenced by external factors could still result in a substantial 45-50 million sq ft of leasing. Managing Director and Head of Office Services at Colliers India, Mr. Arpit Mehrotra, emphasized the sector’s dynamism, driven by evolving occupier needs and a surge in domestic occupier and GCC space uptake. He highlighted the potential for India’s office space demand to exceed 50 million sq. ft for the third consecutive time in 2024, establishing a new benchmark in commercial real estate, and underscored the industry’s vigilance regarding regulatory aspects.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.