India's office leasing is expected to surpass 50 million square feet by 2024.

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India`s Office Leasing Thrives: Set to Surpass 50 Million Square Feet by 2024

Team FS

06/Mar/2024

Discover the resilience of India's office leasing sector as it gears up to exceed 50 million square feet, defying global challenges. A report from Colliers and FICCI highlights the sector's consistent growth and positive outlook, positioning India as a key player in the APAC region.

Amidst global challenges, India's office leasing sector stands tall, poised to surpass the 50 million square feet mark by 2024, marking a significant achievement in the face of adversity. The latest report from Colliers and FICCI paints a picture of resilience and growth, with India's office market exhibiting consistent expansion, buoyed by consecutive all-time highs in leasing activity in 2022 and 2023.

The report offers two scenarios, presenting an optimistic outlook fueled by economic momentum that could drive leasing to approximately 55-60 million square feet. Even with a more cautious approach influenced by external factors, the sector is still anticipated to witness substantial leasing activity, hovering around the 45-50 million square feet range. This positive trajectory positions India's office market for further consolidation within the Asia Pacific (APAC) region, showcasing its strength and potential on the global stage.

Arpit Mehrotra, Managing Director and Head of Office Services at Colliers India, emphasized the dynamic nature of the sector, driven by evolving occupier needs and a surge in domestic occupier and GCC (Gulf Cooperation Council) space uptake. He highlighted the potential for India's office space demand to exceed 50 million square feet for the third consecutive time in 2024, setting a new benchmark in commercial real estate. Additionally, Mehrotra underscored the industry's vigilance regarding regulatory aspects, ensuring sustainable growth and development in the sector.

As India's office leasing sector continues its upward trajectory, fueled by resilience, innovation, and strategic foresight, the future holds promising opportunities for investors, occupiers, and stakeholders alike.

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India`s Office Leasing Thrives: Set to Surpass 50 Million Square Feet by 2024

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