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India's top eight cities now host 993 million sq ft of office space valued at USD 187 billion, per Knight Frank, with the figure expected to cross 1 billion sq ft this quarter. Bengaluru leads with 229 million sq ft, followed by Delhi-NCR and Mumbai. Grade A offices make up 53% of total stock, reflecting a shift in workspace demand. Experts note the rising role of Global Capability Centres and the growing need for sustainability and employee wellbeing. Shruti Singh of Carbon Guardians stressed integrating EHS principles and designing performance-based workplaces as India enters a new phase of office growth.
India's top eight cities collectively possess 993 million square feet of office space, which has been valued at approximately USD 187 billion. As per real estate consultancy Knight Frank, this figure is expected to breach the 1 billion square foot mark by the end of this quarter. This growth marks a sharp rise from under 200 million square feet recorded in 2005, registering a compound annual growth rate of 8.6 per cent over the past two decades. Advertisement
Among the cities, Bengaluru holds the largest office stock with 229 million square feet, worth USD 49 billion. Delhi-NCR follows with 199 million square feet valued at USD 44 billion, while the Mumbai Metropolitan Region accounts for 169 million square feet worth USD 41 billion. Hyderabad's office stock totals 123 million square feet at USD 16 billion, while Pune and Chennai possess 106 million square feet and 92 million square feet respectively-both valued at USD 16 billion and USD 13 billion. Ahmedabad and Kolkata trail with 41 million and 34 million square feet respectively, each valued at around USD 4 billion.
The consultant noted that Grade A office spaces currently make up 53 per cent of the total stock, followed by 43 per cent under Grade B, with the remaining 4 per cent comprising Grade C offices. Knight Frank observed a fundamental transformation in India's office demand landscape over the past 35 years, with Global Capability Centres emerging as significant contributors to this growth.
Gulam Zia, Senior Executive Director at Knight Frank, remarked that India's office market stood at a defining point, with 0.99 billion square feet already achieved and on the cusp of crossing the 1 billion mark. He described India as the fourth-largest office space market globally, underscoring its rise as a global office hub.
Shruti Singh, Co-Founder of Carbon Guardians, emphasised the importance of embedding sustainability and EHS principles into office interiors as India enters the next phase of workspace development. She added that the focus should now shift to designing performance-based workplaces that prioritise employee wellbeing and align with broader sustainability objectives. Singh highlighted the immense scale of office expansion ahead, describing it as a major opportunity to integrate environmentally conscious planning into future constructions.
With Grade A spaces dominating the market, and increasing awareness around sustainable development and employee wellbeing, the sector is undergoing a significant evolution. The coming years are likely to witness more performance-oriented and environmentally conscious workplace designs as the industry continues to expand.
Source - PTI
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