India’s new office supply hits an all-time high at 515 lakh sq ft in 2024. The maximum fresh supply was seen in Hyderabad followed by Bengaluru. All cities except the National Capital Region (NCR) and Kolkata reported their highest-ever absorption levels during 2024. IT industry is expected to lead in 2025 on the back of strong demand from GCCs, other segments such as BFSI and Flex Spaces are also anticipated to garner traction, said Shrinivas Rao, FRICS, CEO, Vestian. The share of Mumbai in pan-India absorption increased from 14% in 2023 to 18% in 2024, whereas the share of NCR declined from 17% to 13% during the same period. In 2024, the absorption reached a new high of 707 lakh square feet, reflecting a 16 per cent annual increase, the report mentioned. The rental prices increased by 3.8 per cent to 8.2 per cent across the top seven cities.
