The report projects continued growth in the annual employment rate for office-going professionals in the six major cities, forecasting an 11 percent increase in 2023.
Developers in India are expecting a significant increase in office space supply between 2023-2025, with more than 165 million sq ft set to be developed. Bangalore and Hyderabad are expected to dominate this supply, accounting for nearly half of it. Despite global downsizing of office space, India continues to witness healthy leasing activity, with 56.6 million sq ft absorbed in 2022, a 40% YoY increase.
Between 2023-2025, Bengaluru will lead the office space supply, accounting for 29% of the total supply in India, followed by Hyderabad at 20%, Delhi-NCR at 17%, Pune at 12%, Chennai at 11%, Mumbai at 9% and Kolkata at 2%.