CRE Matrix & CREDAI Presents India Office Report Q1 CY'24

In Q1 CY'24, India's Grade A office demand surged by 12% Q-o-Q and 14% Y-o-Y, primarily driven by Bengaluru, MMR, and Delhi-NCR. Pan-India vacancy dropped by 50 basis points. Rentals rose by 8.7%, nearing the 100-mark, with Bengaluru, Pune, and Hyderabad witnessing notable increases. IT/ITES dominated leasing demand (28%), while BFSI sector's share grew to 20%, led by Mumbai and Chennai. Large-sized deals (>1 lac sqft) comprised 56% of demand, mainly from Bengaluru, Hyderabad, and Noida. Predictive models suggest pan-India office demand to exceed 70 msf in 2024, driven by robust economic fundamentals and infrastructure investments.