India’s office space market is on the brink of a significant transformation, with nearly Rs 45,000 crore in investment opportunities up for grabs through retrofitting and upgrading existing Grade A office stock, according to JLL’s latest report Futureproofing 4.0: Opportunity through Obsolescence. The report reveals that over 530 million sq. ft of office space across the country needs modernization to remain competitive and future-ready.

This shift isn’t just cosmetic. “Post-retrofit rental premiums offer tangible returns,” said Dr. Samantak Das, Chief Economist and Head of Research, JLL India. “By investing in these retrofits, property owners can expect rental increases of 15–30%, and in some prime areas, even up to 50%.” The market trend is driven by growing tenant demand for modern, tech-enabled, and sustainable office spaces that deliver performance and experience.

Bengaluru, Delhi NCR, Mumbai, and Hyderabad are leading this upgrade wave, collectively accounting for 81% of the total capital expenditure required. These cities also contribute to 75% of occupier activity, making them the epicentres of India’s office retrofit revolution.

Bengaluru leads with Rs 14,410 crore in potential investments, as 155.9 million sq. ft of office stock calls for refurbishment—especially in Whitefield, the Outer Ring Road Southeast, and SBD City. Delhi NCR follows closely with an Rs 7,690 crore opportunity, targeting areas like Gurugram’s Prime NH-8 and Noida. Mumbai offers Rs 7,240 crore retrofit value, focused on SBD BKC, Navi Mumbai, and the Western Suburbs. Meanwhile, Hyderabad’s tech corridors are ripe for Rs 7,010 crore upgrades, with Hitec City and Gachibowli showing strong potential.

Other cities aren’t far behind. Chennai presents a Rs 4,390 crore opportunity, with 76% of its office stock needing upgrades. Pune (Rs 3,690 crore), Kolkata (Rs 600 crore), and other metros show promise with varying degrees of retrofitting demand and rental growth potential.

The report stresses the urgent need to modernize India’s ageing office infrastructure. “Even assets built before 2020 need to evolve,” it noted, urging stakeholders to create spaces that are agile, tech-driven, and sustainable to meet modern tenant expectations. With 32% of India’s office stock built before 2010, retrofitting isn’t just a smart investment—it’s essential for long-term competitiveness.

As the race to modernize intensifies, this retrofitting boom is set to reshape India’s commercial real estate landscape, creating smarter, greener, and more profitable workplaces nationwide.