India's Office Space Supply Hits Record High in 2024
- Industry News
- March 12, 2025
HDFC Bank has signed a 10-year lease for 4.5 lakh sq. ft of office space in Mumbai’s Andheri East, valued at ₹1,020 crore. The deal includes 227 parking spaces and a 15% rent escalation every three years. This move aligns with HDFC Bank’s real estate restructuring and expansion strategy.
READ MORES&P Global has expanded its India presence with a new 33,000 sq. ft office in Bengaluru, designed to enhance collaboration, innovation, and employee well-being. Featuring flexible workspaces, wellness amenities, and cultural elements, the office strengthens S&P Global’s India operations, supporting 15,000 employees across multiple cities in its continued growth.
READ MOREIndia’s commercial office market is set to reach 65-70 million sq ft in 2025, with 2024 absorption hitting 66.4 million sq ft, a 14% rise. GCCs drive demand, leasing 25.7 million sq ft, while sustainability gains traction, with 80% of new supply expected to be green-certified. Institutional investment remains strong at USD 4.7 billion.
READ MOREHyderabad is on track to surpass 200 million sq. ft of office space by 2030, fueled by increasing demand from technology firms and Global Capability Centers (GCCs), according to a joint report by CBRE and the Hyderabad Software Enterprises Association (HYSEA). The city’s office stock has tripled since 2014, reaching nearly 137 million sq. ft as of December 2024.
READ MOREUrbanVault appoints Dushyant Singh and Shivanshu Pareek to lead expansion in Pune, NCR, and Tier-2 cities. As demand for flexible workspaces surges, the company strengthens its position with strategic hires. Founder & CEO Amal Mishra highlights their expertise in driving growth amid India’s evolving commercial real estate landscape.
READ MOREAlt.f coworking, a Gurgaon-based flexible office space provider, took centre stage on Shark Tank India Season 4, Episode 23, showcasing its innovative approach to coworking solutions. The company, founded by Sarthak Chhabra and Yogesh Arora, aims to bridge the gap for micro-businesses, startups, and entrepreneurs seeking affordable, stylish, and adaptable office spaces.
READ MOREAndhra Pradesh CM N. Chandrababu Naidu advocates for expanded remote work opportunities, especially for women, as part of the state’s IT & GCC Policy 4.0. Emphasising flexibility, productivity, and workforce inclusivity, he highlights remote work’s potential to reshape employment. India, however, lacks explicit WFH regulations despite evolving workplace trends.
READ MOREThe flexible workspace industry is experiencing unprecedented growth, with 20-21% of India’s office market expected to be flexible by 2025. Industry leaders predict AI-driven workspaces, IPOs, suburban expansion, and managed offices leading the way. Read expert insights on what’s shaping the future of work and commercial real estate.
READ MOREIndia’s Tier-II and Tier-III cities are witnessing a surge in demand for flexible workspaces, driven by cost-effective real estate, hybrid work models, and the growing startup ecosystem. Managed office spaces are becoming crucial for businesses seeking scalability, with these cities transforming into key hubs for innovation and corporate expansion.
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