Office market in India surges 21% in 2024, hits 75.2 million sq ft: Savills India

December 31, 2024

Listen to this News

NEW DELHI: The office gross absorption across six cities recorded 75.2 million sq ft in 2024, registering a 21% growth over last year, according to Savills India.

Bengaluru, Hyderabad and Mumbai are the top three cities which contributed nearly 64% of the gross leasing activity in 2024.

Arvind Nandan, MD, research & consulting, Savills India said, “For the second consecutive year, India's gross absorption has reached an all-time high, reflecting business robustness and confidence driven by strong economic growth. The year has once again surpassed estimates, indicating a continued recovery powered on the back of tech, BFSI, and flexible occupiers among others. With key factors such as urbanization and infrastructure development working in India's favour, demand is expected to grow even further in the coming years".

Bengaluru topped the charts at 22.9 million sq ft, registering a 47% year- on-year increase.

Mumbai saw leasing activity at 12.2 million sq ft and gross absorption increased by 21% compared to last year.

Hyderabad saw the highest annual increase of 52% in gross leasing activity at 13.1 million sq ft.

Pune's absorption levels also peaked at 8.5 million sq ft, witnessing a 20% year-on-year increase.

Source: realty.economictimes.indiatimes.com

Read all Thane Real Estate Latest News

To Know About Thane Real Estate Development Contact Us at 022 2580 6868