Domestic Firms Drive India's Office Space Boom

Since 2022, domestic companies have leased 47% of the total 154 million sq feet of office space across nine major Indian cities, reducing the dominance of global firms, particularly from the US. This shift reflects India's growing start-up ecosystem and the increasing demand for high-quality, adaptable work environments.

Domestic companies have secured 47% of the total 154 million sq feet of office space leased since 2022 across nine major Indian cities, significantly reducing the dominance of global firms, particularly from the US, according to CBRE.

Before 2022, domestic companies accounted for just one-third of the total office demand. The latest CBRE report, 'India Inc's Ascension - The Rise of Domestic Firms as an Office Demand Driver,' reveals this shift. The report highlights that domestic companies accounted for nearly 47% of overall office leasing activity from 2022 to H1-2024, amounting to 72 million square feet.

Anshuman Magazine, Chairman & CEO, India, Southeast Asia, Middle East & Africa, CBRE, stated that domestic firms are demonstrating a strong commitment to growth and expansion, which is expected to drive substantial office space absorption in the coming years. He attributed the surge to India's rapidly expanding start-up ecosystem and talent abundance.

(With inputs from agencies.)