Summary:

According to CBRE, office space leasing in India is expected to reach a record high of over 70 million square feet in 2024, surpassing the previous record of 66.6 million square feet set in 2019. Between January and September 2024, gross leasing totaled 53.8 million square feet, reflecting a 19% rise from the previous year. Mr. Anshuman Magazine, Chairman and CEO of CBRE for India and other regions, stated that global and domestic occupiers are driving demand as they grow their businesses.

In terms of sector contributions, technology companies accounted for about 23% of total office leasing, the highest among all sectors. Flexible space operators followed with 19%, while banks, financial services, and insurance (BFSI) corporations represented 16%. In the July-September quarter, office leasing totaled 19 million square feet, with technology companies accounting for 19%, BFSI for 18%, and flexible operators for 17%. In 2024, technology is predicted to lead with a 25-30% share, while Global Capability Centres (GCCs) are expected to account for 35-40% of overall leasing activities.

Source: IBEF 

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