Gujarat’s commercial real estate market is entering a new growth phase, driven by GCC expansion, GIFT City and improving infrastructure. Industry leaders say future demand will depend on Grade-A offices, larger floorplates, access to talent, transit, hospitality, and social infrastructure, allowing Ahmedabad and Tier-II cities to attract global occupiers.
Gujarat’s next commercial real estate cycle may depend less on simply adding office supply and more on creating complete business ecosystems for global occupiers. At ETRealty Realty and Beyond Ahmedabad, industry leaders said Global Capability Centres (GCCs), GIFT City, infrastructure, talent availability and professionally managed office assets will be central to the state’s ability to attract large corporations.
Loveleen Garg, chief planner and senior vice president at GIFT City, said Ahmedabad’s office market has traditionally been supported by captive demand, unlike Bengaluru, Hyderabad and Pune, where multinational and technology companies have created large employment bases. Gujarat’s industrial strength, however, allows it to convert manufacturing capabilities into technology, business and shared-service operations.
Garg stressed that GIFT City should be viewed as a broader urban ecosystem rather than simply another commercial development. “It is not a project; it’s a city,” she said, pointing to the importance of businesses, residents, infrastructure and supporting services developing together.
GIFT City Sets a Wider Development Model
The growth of GIFT City is also influencing how developers approach commercial real estate. Sarang Jain, managing director of SJ Sangath Group, said developers increasingly operate as co-developers within a larger ecosystem, with infrastructure, connectivity and access planned alongside individual projects.
For global occupiers, building quality will also matter. Large companies are increasingly seeking institutional-grade assets that meet requirements for compliance, energy efficiency, building operations, and large-format occupancy.
The same approach could benefit Gujarat’s Tier-II cities. Delnavaz Patel of Trilegal said locations such as Vadodara could attract larger occupiers if housing, retail, restaurants, recreation, and other social infrastructure support office space. “If GIFT City had the entire ecosystem for a resident available, probably it would have taken a leap quicker,” she said.
Larger Offices Need Better Connectivity
Gaurav Hasmukh Gadhecha of Collated Ventures highlighted the growing importance of larger floorplates for GCCs and corporate occupiers. Companies want to accommodate large teams efficiently while reducing operational complexity.
That means developers will need to think beyond office interiors and statutory parking requirements. Traffic movement, ingress and egress, food facilities, banking, childcare services and last-mile connectivity are becoming part of the occupier proposition. GIFT City’s shuttle connectivity from the metro station was cited as an example of how transport can improve employee experience.
Infrastructure could become one of Ahmedabad’s biggest competitive advantages. Nirav Kothary of Godwitt Construction said expanding metro connectivity can widen the talent pool available to employers. “Each metro station becomes an office hub,” he said, highlighting the potential for mass transit to influence office location decisions.
Sustainability and Experience Gain Importance
Airport connectivity and hospitality capacity will also be important as GCCs bring more employees, executives and visitors into the city. Better hotels and business infrastructure could strengthen Ahmedabad’s ability to support multinational operations.
At the same time, developers are being urged to rethink sustainability. Chitrak Shah, managing director of Shivalik Group, argued that green development should go beyond certification. “Certification is nice, but that’s not the end goal,” he said. “The end goal is that you touch people’s lives when you develop something.”
For Gujarat, the opportunity is therefore broader than building more Grade-A offices. GIFT City can provide a financial and regulatory platform, Ahmedabad can combine infrastructure with talent, while cities such as Vadodara can compete through lower costs and emerging ecosystems. The next phase of growth will ultimately depend on whether these locations can offer global companies efficient workplaces, along with the connectivity and quality of life their employees expect.
