US-based companies achieved record-breaking office leasing volumes in India during the period from 2022 to Q1 2025, with 2024 marking the highest annual activity ever recorded, according to global real estate firm JLL.
Ahmedabad (Gujarat) [India], April 18: India's real estate sector is undergoing a major transformation, with sustainability emerging as a key cornerstone and growth driver across asset classes. Real estate and construction accounts for nearly 40% of the global carbon emissions and thus built
According to the report, rental growth in India's national capital Delhi registered an uptick of 8.2 per cent, while financial capital Mumbai saw rental growth of 6.7 per cent.
Delhi NCR and Bengaluru together drove nearly half of the office leasing activity during the first quarter (Q1) of 2025, with leasing across the top seven markets remained strong in Q1 at 15.9 million sqare feet, reflecting a 15 per cent year-on-year (YoY) increase, according to a report by
Global capability centres (GCCs) and IT/IT-enabled services (ITeS) companies, which account for 50-60 per cent of net office leasing, are driving this transformation as they prioritize environmentally friendly spaces to meet rising compliance and sustainability goals.
The number of Global Capability Centres (GCCs) units in India will exceed 2,500 over the next 3-4 years, as against over 1,950 units now, JLL, a global commercial real estate and investment management company anticipated in a report.
India's office sector closed 2024 with historic achievements, recording an unprecedented 89 million square feet (MSF) of gross leasing volume (GLV) across the top 8 cities, according to Cushman & Wakefield's latest office data.
Delhi-NCR and Mumbai are among the top ten markets in Asia Pacific region (APAC region), driven by demand from Global Capability Centres (GCCs) and India-focused businesses, as observed in Knight Frank APAC Prime Office Rental Index.
India continued to lead office leasing activity in the Asia-Pacific (APAC) region, reaching 1.61 million square meters (17.3 million square feet) and demonstrating strong demand momentum, according to the "Colliers Asia Pacific Office Market Insights Q3 2024" report.
Bengaluru continues to lead office space absorption, accounting for 30 per cent of total leasing from January to September 2024, followed by Delhi-NCR and Hyderabad with 14 per cent each, Chennai with 13 per cent, and Mumbai and Pune contributing 12 per cent each.
The demand for large office spaces has seen significant growth in India, with transactions for office spaces above 100,000 sq ft increasing by 54 per cent year-on-year (YoY) in the first half of 2024 (H1 2024), according to a recent report by Knight Frank India, a property consultancy firm.
Domestic companies have been responsible for nearly 47 per cent of office leasing activity from 2022 to H1 2024, marking a departure from the traditional dominance of global corporations, particularly American firms.