India Office Real Estate Market Size
| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 42.93 Billion |
| Market Size (2030) | USD 150.42 Billion |
| CAGR (2025 - 2030) | 28.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
India Office Real Estate Market Analysis
The India Office Real Estate Market size is estimated at USD 42.93 billion in 2025, and is expected to reach USD 150.42 billion by 2030, at a CAGR of 28.5% during the forecast period (2025-2030).
In H12024, India's office market achieved its best performance to date, continuing its impressive growth trajectory. All top seven cities — Mumbai, Delhi-NCR, Bengaluru, Chennai, Kolkata, Pune, and Hyderabad — recorded groundbreaking gross leasing volumes of at least 1 million sq. ft (msf) in H1 2024. Additionally, leasing volumes reached 33.5 msf in H1 2024 , marking the best-ever first half and surpassing the previous peak set in 2019. This robust growth underscores the resilience and strength of the Indian office market.
As hybrid work models gain traction and the demand for flexible workspaces surges, the landscape of office real estate is poised for transformation. While traditional office spaces remain significant, a pronounced shift towards flexibility is evident. This shift is fueled by aspirations for improved work-life balance, cost efficiencies, and the demand for adaptable work settings. In response, office landlords are evolving their properties, introducing flexible leasing terms and modern amenities. Meanwhile, occupiers are not only seeking enriched workplace experiences but are also embracing diverse strategies to bolster their growth ambitions.
India Office Real Estate Market Trends
IT and BPM Sectors Drive Demand for Office Space
In India, the office sector has witnessed a dynamic surge, attracting investments exceeding USD 3 billion, marking a 53% rise from the prior year. This upswing is largely fueled by the escalating demand from Global Capability Centers (GCCs) and vigorous leasing endeavors by Indian corporations, which presently constitute 46% of the overall market leasing activities.
The GCC model is also now evolving from primarily cost arbitrage/standardisation focused centers to customer experience and technology led hubs. Technology consistently drives the demand for office space leasing. Accounting for approximately 35% of the overall demand, the tech sector's influence surges beyond 40% in cities such as Bengaluru and Hyderabad. Bolstered by government infrastructure investments, the BFSI sector is flourishing. Meanwhile, the rise of hybrid work has spotlighted the importance of flexible workspaces. Additionally, engineering and manufacturing sectors have expanded, fueled by global supply chain realignments.
Bengaluru Leads the Boom for Office Real Estate
Bengaluru, India's IT capital, is projected to maintain its dominance in the country's commercial real estate market, boasting an office stock of 330-340 million sq. ft by 2030, as per the Confederation of Indian Industry. As of June 2024, the city's office stock has surged to over 223 million sq. ft, more than doubling from 100 million sq. ft from a decade ago. In H1 2024, transactions for office spaces exceeding 100,000 sq. ft surged by 54% year-on-year, climbing from 10.18 million sq. ft in H1 2023 to 15.69 million sq. ft in H1 2024. This growth positions the city as the leading hub for office space among all major cities in the country.
In the lead-up to 2030, Bengaluru's office market is poised to be primarily driven by the technology, engineering, manufacturing, and BFSI sectors. Additionally, life sciences, aviation, and the automobile industry are emerging as significant contributors to this demand surge. Currently, the technology sector dominates, accounting for 30-35% of the city's annual absorption, with a strong presence in the commercial hubs of Outer Ring Road and Whitefield.
Between 2022 and June 2024, Bengaluru commanded a dominant 41% share in the demand from GCCs in India. This achievement is attributed to Bengaluru's unique offerings: a skilled workforce, premium Grade-A assets, and a robust tech infrastructure.
India Office Real Estate Industry Overview
The Indian office real estate market is highly competitive, as the sector's domestic and foreign participants have created a competitive environment. There are many opportunities for small and medium companies in tier 2 cities. Some of the office real estate developers in the country include Indiabulls Real Estate, DLF Ltd., Prestige Estate Projects Ltd., Supertech Limited, and Oberoi Realty, and office real estate consultancy firms include Cushman & Wakefield, CBRE Group, etc.
India Office Real Estate Market Leaders
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Indiabulls Real estate
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DLF Limited
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Prestige Estate Projects Ltd
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Panchshil Realty
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Cushman & Wakefield
*Disclaimer: Major Players sorted in no particular order
India Office Real Estate Market News
- October 2024: By the end of 2025, Gopalan Enterprises aims to boost the capacity of its flexible workspace division, Gopalan Workspace, by another 4 million sq. ft. Once completed, the total workspace area will reach 12 million sq. ft, distributed between Bangalore and Mysore. This expansion also entails the establishment of five new centers, further solidifying Gopalan Workspace's foothold in these cities.
- May 2024: Brookfield India Real Estate Trust (BIRET) has finalized binding agreements to purchase Bharti Enterprises' 50% stake in four Grade A properties located in the Delhi-NCR region. With this acquisition, Brookfield India REIT will expand its operating area by 16% and boost its consolidated gross asset value by 22%, thanks to the inclusion of these modern assets featuring prestigious front office tenancies.
India Office Real Estate Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Policies and Regulations
4.3 Government Regulations and Initiatives
4.4 Supply Chain/Value Chain Analysis
4.5 Insights into Technological Innovation in the India Office Real Estate Sector
4.6 Impact of Geopolitics and Pandemic on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rapid growth of BPM and IT sectors in India
5.1.2 Growing foreign investments
5.2 Market Restraints
5.2.1 Rising construction costs
5.2.2 Regulatory hurdles
5.3 Market Opportunities
5.3.1 Expanding e-commerce and manufacturing sectors in India
5.3.2 Infrastructure support from government
5.4 Industry Attractiveness - Porter's Five Forces Analysis
5.4.1 Threat of New Entrants
5.4.2 Bargaining Power of Buyers/Consumers
5.4.3 Bargaining Power of Suppliers
5.4.4 Threat of Substitute Products
5.4.5 Intensity of Competitive Rivalry
6. MARKET SEGMENTATION
6.1 Major Cities
6.1.1 Bangaluru
6.1.2 Hyderabad
6.1.3 Mumbai
6.1.4 Other Cities
7. COMPETITIVE LANDSCAPE
7.1 Market Concentration Overview
7.2 Company Profiles
7.2.1 Savills
7.2.2 Cushman & Wakefield
7.2.3 CBRE Group
7.2.4 JLL
7.2.5 Panchshil Realty
7.2.6 Indiabulls Real Estate
7.2.7 DLF Limited
7.2.8 Prestige Estate Projects Ltd
7.2.9 Supertech Limited
7.2.10 Oberoi Realty
7.2.11 HDIL Ltd*
- *List Not Exhaustive
7.3 Other Companies
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
9. APPENDIX
9.1 Macroeconomic Indicators (GDP Distribution, by Activity)
9.2 Economic Statistics - Transport and Storage Sector Contribution to the Economy
9.3 External Trade Statistics - Export and Import, by Product
India Office Real Estate Industry Segmentation
Office real estate is the business of building buildings that companies from different industries can rent or buy.The goal of this report is to give an in-depth look at the Indian office real estate market. It looks at the market insights, dynamics, technological trends, and government projects in the office real estate sector.The report also looks at the major players in the market and how competitive the Indian office real estate market is.
A complete background analysis of the India Office Real Estate Market, including the assessment of the economy and contribution of sectors in the economy, market overview, market size estimation for key segments, and emerging trends in the market segments, market dynamics, and geographical trends is covered in the report.
The India Office Real Estate Market is divided into major cities (Bengaluru, Hyderabad, and Mumbai). The report offers market size and forecasts in dollars (USD billion) for all the above segments.
| Major Cities | |
| Bangaluru | |
| Hyderabad | |
| Mumbai | |
| Other Cities |
India Office Real Estate Market Research FAQs
How big is the India Office Real Estate Market?
The India Office Real Estate Market size is expected to reach USD 42.93 billion in 2025 and grow at a CAGR of 28.5% to reach USD 150.42 billion by 2030.
What is the current India Office Real Estate Market size?
In 2025, the India Office Real Estate Market size is expected to reach USD 42.93 billion.
Who are the key players in India Office Real Estate Market?
Indiabulls Real estate, DLF Limited, Prestige Estate Projects Ltd, Panchshil Realty and Cushman & Wakefield are the major companies operating in the India Office Real Estate Market.
What years does this India Office Real Estate Market cover, and what was the market size in 2024?
In 2024, the India Office Real Estate Market size was estimated at USD 30.69 billion. The report covers the India Office Real Estate Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the India Office Real Estate Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
India Office Real Estate Industry Report
Statistics for the 2025 India Office Real Estate market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Office Real Estate analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
India Office Real Estate Market Report Snapshots
