The report highlighted that office rentals saw a 4-8% increase across the top cities, further underscoring the strong market momentum. Additionally, leasing activity reached a record high of 707 lakh square feet, marking a 16% annual growth.
IT-ITeS Sector Leads Leasing Growth
Vestian CEO Shrinivas Rao attributed the surge to the IT-ITeS sector, which remained the dominant force in office space leasing. He further noted that multinational companies' Global Capability Centers (GCCs) are expected to drive leasing demand in 2025, alongside growing interest from the BFSI (Banking, Financial Services, and Insurance) sector and flexible workspace providers.City-Wise Breakdown of New Office Supply
The report provided a city-wise analysis of new office space supply:- Hyderabad: 7% growth to 145 lakh sq ft
- Bengaluru: 4% growth to 140 lakh sq ft
- Mumbai: 170% surge to 73 lakh sq ft
- Delhi-NCR: 30% increase to 69 lakh sq ft
- Pune: 11% growth to 59 lakh sq ft
- Chennai: 57% decline to 29 lakh sq ft
- Kolkata: No new office space supply, compared to 10 lakh sq ft in the previous year
Industry Leaders Weigh In
Darshan Govindaraju, Director of Vaishnavi Group, emphasized Bengaluru's dominance in India's commercial real estate sector, crediting MNC expansions, GCC growth, and startup activity for the surge in demand.Ashish Sharma, AVP-Operations at Brahma Group, highlighted that the increase in office space supply in Delhi-NCR will attract global corporations and tech giants.
Meanwhile, Shesh Rao Paplikar, CEO & Founder of BHIVE Workspaces, pointed out that Bengaluru continues to thrive as India's top tech hub, fueled by expanding GCCs, BFSI firms, and startups. He noted that the growing need for premium and flexible office spaces further propels market demand.
With record-high supply and absorption rates, India's commercial real estate sector appears poised for sustained growth in 2025, driven by evolving business needs and expanding global enterprises.
Last updated by a enewsx:
