According to Vestian, office space supply in India reached an all-time high in 2024, with 515 lakh square feet added across seven major cities. Demand for premium workspaces, particularly from IT-ITeS sectors and Global Capability Centres (GCCs), drove leasing activity, with absorption hitting a record 707 lakh square feet—a 16% increase from the previous year.

Hyderabad saw the highest growth in new office supply, with a 7% increase to 145 lakh square feet, while Bengaluru followed with a 4% growth, adding 140 lakh square feet. Mumbai’s supply surged by 170% to 73 lakh square feet, and Delhi-NCR saw a 30% increase, totalling 69 lakh square feet. However, Chennai’s new supply fell by 57%, reaching only 29 lakh square feet.

Leasing activity was mainly driven by the IT-ITeS sector, which is expected to continue leading in 2025, supported by strong demand from GCCs. Other sectors, including BFSI and flexible workspace providers, are also expected to gain traction. Experts highlighted that the rise in office supply, particularly in Bengaluru and Delhi-NCR, will attract multinational corporations and technology giants, fueling further growth.