According to a recent report by Cushman and Wakefield, office leasing activity in India witnessed a new high in 2024. The gross leasing volume soars by 57.7 percent against 12.4 million square feet in 2024. It accounts for a total of 14 percent of the total leasing activity.
The top flexible workspace performance includes Bengaluru with 3.4 million square feet of leasing volume. Followed by Mumbai with three continuous Year-on-Year growth in gross leasing volume (GLV) at 1.9 million square feet.
Next in line is the national capital Delhi with 2.3 million sq feet of flexible office space leasing, Hyderabad at 1.6 million sq feet, and Pune at 1.6 million sq ft. These cities exhibit strong demand for flexible workplaces, the report shows.
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In 2024, nearly 224,000 seats were leased recording 44 percent higher demand in 2023. While Bengaluru maintains its position at 29 percent of the total leasing activity. IT-BMP sector (48 percent) recorded seat leasing, followed by engineering and manufacturing (17 percent) bought a paradigm shift in demand for flexible workplaces.
The report reflects seat leasing with Bengaluru holding maximum sharing followed by Pune (39,000) Delhi NCR (38,000) and Mumbai (28,000) with 18, 17, and 12 percent of total seats leased.
Ramita Arora, Managing Director Bengaluru & Head – Flex, India, Cushman & Wakefield, said the entry of new companies like GCC and other already functioning companies focus on flexibility and cost efficiency. Also, it emphasizes end-to-end customization, and demand for agile, dynamic, and managed office solutions.
“Flexible workspaces now account for 14 percent of India’s total office demand, cementing their position as a mainstream real estate solution rather than just an alternative. This shift is fundamentally redefining the way India works.” She said.
Indian commercial market hits high records, signals major transformation in 2025: FICCI –Colliers
India’s commercial office market is projected to reach new heights of 65-70 million square feet in 2025, according to the FICCI-Colliers report.
The market is witnessing an unprecedented transformation, having achieved record-breaking absorption of 66.4 million square feet in 2024, making 14 percent year-on-year growth.
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The shift from a supply-led to an occupier-driven market has been cemented by three consecutive years of leasing volumes exceeding 50 million square feet.
Bengaluru led with its highest-ever absorption of 21.7 million square feet in 2024, while Hyderabad registered the strongest growth at 55 percent.
