India's Leap Towards Sustainable & Innovative Workspace Design
- Industry News
- March 13, 2024

India’s office market saw demand outpace supply in 2025, with Delhi-NCR and Mumbai recording sharp declines in new office completions. Colliers noted strong leasing from technology firms, BFSI players, and GCCs, which tightened vacancies, strengthened rentals, and reinforced a landlord-favourable trend across major Indian cities.
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India’s real estate market is set for measured and sustainable growth in 2026, backed by strong GDP momentum, supportive fiscal and monetary policies, and rising office demand. Experts point to expanding GCC activity, consolidation among flex workspace operators, and increasing real estate opportunities across Tier-II and Tier-III cities.
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Kotak Institutional Equities has initiated coverage on Smartworks with a Buy rating and a fair value of ₹600, citing strong scale, visibility of expansion, and margin upside. The brokerage views Smartworks as a commercial real estate platform benefiting from hybrid work trends and rising enterprise demand for flexible offices.
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Flexible workspaces are becoming the preferred launchpad for Global Capability Centres entering India. With GCCs expected to drive up to 200 million sq. ft. of office demand by 2030, flex operators are capturing a growing share by enabling faster entry, asset-light expansion, and end-to-end operational support across key office markets.
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NCR’s commercial real estate market entered a consolidation phase in 2025, led by Gurugram’s strong performance. Record office leasing driven by GCCs, IT firms, and flexible workspace operators, combined with tightening Grade-A retail vacancies, reinforced the city’s position as NCR’s most resilient, scalable, and future-ready commercial real estate hub.
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India’s office market closed 2025 on a stable note with 75.2 million sq. ft. of leasing, led decisively by Bengaluru. The city emerged as the top market, driven by strong GCC activity, technology demand, and flexible workspaces, alongside Delhi-NCR and Mumbai. A robust supply pipeline points to cautious optimism for 2026.
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