Business Standard-Office market sees record demand surge: Biggest deals in Bengaluru, MMR
India’s office real estate market has witnessed a historic surge in demand, with 58 million square feet (msf) of office space leased in the first three quarters of 2024 — the highest demand ever recorded for this period. This figure has already surpassed the total demand for the entire year of 2018, setting a new benchmark for the industry, according to a report by real estate consultancy firm CRE Matrix.
As the market enters the final quarter, industry experts at CRE Matrix predict that 2024 will mark India’s strongest year for office space demand, with expectations that it will reach an all-time high of 80 msf by year-end. The major drivers of this surge are the expanding Global Capability Centers (GCCs), co-working spaces, and the IT/ITeS sectors, which are fueling the growth.
