A recent study by CBRE has revealed that nearly half of India’s office space across its top seven cities is over a decade old, highlighting a massive opportunity for retrofitting and redevelopment. Ageing commercial properties risk becoming outdated and underutilized as demand shifts toward modern, efficient work environments.

According to the report, of the total office inventory of approximately 882 million square feet, around 27% is over 15 years old, and 23% falls in the 10 to 15-year range. In contrast, only 28% of the stock is less than five years old, signalling a significant gap in the availability of contemporary office infrastructure.

“There is a growing risk of declining occupancy, stagnant rents, and functional obsolescence,” CBRE noted, emphasising that the current supply does not fully align with occupiers’ increasing focus on high-performance workspaces. Older buildings must evolve to remain competitive as companies shift toward more innovative, sustainable office environments.

The study further identifies Bengaluru and Delhi-NCR as holding nearly 45% of India’s decade-old office stock, with Mumbai and Chennai contributing another 32%. These figures underscore the urgency of strategic intervention in key metro markets to maintain asset value and tenant interest.

CBRE estimates that around 434 million sq. ft. of older office space is suitable for upgrades, presenting an investment potential of Rs 304 to 520 billion. These upgrades could range from structural improvements and energy-efficient retrofits to redesigning office layouts for hybrid work models.

Industry stakeholders are now urged to view these ageing properties not as liabilities, but as untapped assets. With the right investments, landlords and developers can transform legacy office buildings into premium, future-ready spaces that meet the expectations of today’s workforce.

As India continues to lead Asia’s flexible office space expansion, the call for refurbishment aligns well with ongoing trends toward agile work environments. Modernisation of old assets could serve as a critical lever for growth, especially as companies seek workspaces that are functional but also tech-enabled and sustainable.

In essence, the report frames the current state of India’s office market as both a challenge and an opportunity. The next phase of commercial real estate development may well rest on the successful rejuvenation of its past.