India Office Real Estate Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

India Office Real Estate Market covers segmentation by major cities (Bengaluru, Hyderabad, Mumbai and Other Cities). The report offers market size and forecasts in values (USD billion) for all the above segments.

India Office Real Estate Market Size

India Office Real Estate Market Summary
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Study Period 2018- 2028
Base Year For Estimation 2022
Market Size (2023) USD 26 Billion
Market Size (2028) USD 91.08 Billion
CAGR (2023 - 2028) 28.50 %
Market Concentration Low

Major Players

India Office Real Estate Market Major Players

*Disclaimer: Major Players sorted in no particular order


Need a report that reflects how COVID-19 has impacted this market and its growth?

India Office Real Estate Market Analysis

The India Office Real Estate Market size is expected to grow from USD 26.00 billion in 2023 to USD 91.08 billion by 2028, at a CAGR of 28.50% during the forecast period (2023-2028).

The second wave impacted market sentiments, with several occupiers taking a cautious approach to ongoing business uncertainties. However, several deals negotiated before 2021 were completed, and the vaccination drive is helping corporations gain a better understanding of return-to-work dates.

Occupiers are likely to focus more on integrating traditional leased spaces, remote working options, and flexible spaces within their real estate portfolios to develop a hybrid workplace model. The plan to decentralize the workplace and provide more locations to satisfy the needs of a more mobile workforce is anticipated to be aimed at cost and portfolio optimization.

India Office Real Estate Market Trends

This section covers the major market trends shaping the India Office Real Estate Market according to our research experts:

Demand for Office Space Increased in 2021

Gross leasing went down in Q2 2021 compared to Q1 2021 because of the second wave of COVID-19 and new rules in all major cities.However, on an annual basis, office leasing grew by 55.1% in Q2 2021 compared to Q2 2020.

The demand for space is increasing across the IT, healthcare, e-commerce, and logistics sectors. To make the market more accessible to small and retail investors, the Securities and Exchange Board of India (SEBI) reduced the minimum application value for Real Estate Investment Trusts (REITs) from INR 50,000 (USD 705.21) to INR 10,000–15,000 (USD 141.04–USD 211.56) in July 2021. According to the Investment Information and Credit Rating Agency of India Limited (ICRA), Indian companies are likely to raise more than INR 3.5 trillion (USD 48 billion) through infrastructure and real estate investment trusts in 2022, compared to the USD 29 billion raised in 2020.

India Real Estate Market: Gross Absorption of Office Space in India from Q1 2020 to Q3 2021 (in Million sq. ft)

Foreign Investments Plays a Major Role in the Office Real Estate Market

The office market has been driven by growth in business process management and information technology (BPM/IT), banking, financial services, and insurance (BFSI), consulting, and manufacturing.Many new companies are thinking about getting into the Indian market because it has a lot of potential and the FDI rules have been made easier.By 2022, the absorption of Grade-A office space is estimated to exceed 700 million sq. ft., with Delhi-NCR accounting for most of this demand.

Large agreements of 100,000 sq. ft. were expected to be made in Bengaluru in 2021. This was thought to be a big part of what was expected year over year. to be leased. It is expected to be 20–30 units for a 20-30% increase in absorption, while supply is expected to gr20–30eadily by 20-30% Y-o-Y. Strong development in e-commerce and manufacturing and increased demand in emerging Tier I and Tier II cities are estimated to push the absorption of industrial and warehouse space up by 83% to 47.7 million sq. ft. in 2021. The office category drew 71% of all private equity (PE) investments in real estate in Q4 FY21, followed by retail (15%), residential (7%), and warehousing (7%).

India Office Real Estate Market: Investments in India Office Real Estate, Value In USD Billion, India, 2017 - Q1 2022

India Office Real Estate Industry Overview

The Indian office real estate market is highly competitive, as the sector’s domestic and foreign participants have created a competitive environment. There are many opportunities for small and medium companies in tier 2 cities. Some of the office real estate developers in the country include Indiabulls Real Estate, DLF Ltd., Prestige Estate Projects Ltd., Supertech Limited, and Oberoi Realty, and office real estate consultancy firms include Cushman & Wakefield, CBRE Group, etc.

India Office Real Estate Market Leaders

  1. Indiabulls Real estate

  2. DLF Limited

  3. Prestige Estate Projects Ltd

  4. Panchshil Realty

  5. Cushman & Wakefield

*Disclaimer: Major Players sorted in no particular order

India Office Real Estate Market Concentration

India Office Real Estate Market News

  • October 2022: Colliers International, a global real estate consulting firm, announced that the major six cities in India (Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai, and Pune) planned to develop more than 300 million square feet of existing and upcoming commercial office buildings.
  • August 2022: Hines Ltd. (the US-based real estate firm) planned to develop an office building comprising 9 lakh square feet of leasable area in Mumbai. In addition, the company has already completed two commercial projects in Gurugram, comprising 1.4 million square feet. Thus, the company is planning to increase its footprint in India by developing commercial projects.

India Office Real Estate Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Report


    1. 2.1 Analysis Methodology

    2. 2.2 Research Phases



    1. 4.1 Current Market Scenario

    2. 4.2 Market Overview

    3. 4.3 Market Dynamics

      1. 4.3.1 Market Drivers

      2. 4.3.2 Market Restraints

      3. 4.3.3 Market Opportunities

    4. 4.4 Technological Innovations in the Office Real Estate Market

    5. 4.5 Insights on Government Regulations and Initiatives in the Industry

    6. 4.6 Insights on Rental Yields in the Office Real Estate Segment

    7. 4.7 Insights on the Key Office Real Estate Industry Metrics (Supply, Rentals, Prices, Occupancy(%)/Vacancy (%))

    8. 4.8 Insights on Office Real Estate Construction Cost

    9. 4.9 Impact of COVID-19 on the Market

    10. 4.10 Porter's Five Forces Analysis

      1. 4.10.1 Bargaining Power of Suppliers

      2. 4.10.2 Bargaining Power of Consumers/Buyers

      3. 4.10.3 Threat of New Entrants

      4. 4.10.4 Threat of Substitute Products

      5. 4.10.5 Intensity of Competitive Rivalry

    11. 4.11 Industry Value Chain Analysis


    1. 5.1 By Major Cities

      1. 5.1.1 Bengaluru

      2. 5.1.2 Hyderabad

      3. 5.1.3 Mumbai

      4. 5.1.4 Other Cities


    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles - Real estate Players *

      1. 6.2.1 Savills

      2. 6.2.2 Cushman & Wakefield

      3. 6.2.3 CBRE Group

      4. 6.2.4 JLL

      5. 6.2.5 Panchshil Realty

    3. 6.3 Company Profiles - Developers *

      1. 6.3.1 Indiabulls Real Estate

      2. 6.3.2 DLF Limited

      3. 6.3.3 Prestige Estate Projects Ltd

      4. 6.3.4 Supertech Limited

      5. 6.3.5 Oberoi Realty

      6. 6.3.6 HDIL Ltd


  8. 8. APPENDIX

    1. 8.1 Insights on Capital Flows (Investments in the Office Real Estate Market)

    2. 8.2 Pricing Trend Analysis for New Office Building Construction in India


* List Not Exhaustive

India Office Real Estate Industry Segmentation

Office real estate is the business of building buildings that companies from different industries can rent or buy.The goal of this report is to give an in-depth look at the Indian office real estate market.It looks at the market insights, dynamics, technological trends, and government projects in the office real estate sector.The report also looks at the major players in the market and how competitive the Indian office real estate market is.

The India Office Real Estate Market is divided into major cities (Bengaluru, Hyderabad, and Mumbai). The report offers market size and forecasts in dollars (USD billion) for all the above segments.

By Major Cities
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India Office Real Estate Market Research FAQs

The India Office Real Estate Market size is expected to reach USD 26 billion in 2023 and grow at a CAGR of 28.5% to reach USD 91.08 billion by 2028.

In 2023, the India Office Real Estate Market size is expected to reach USD 26 billion.

Indiabulls Real estate, DLF Limited, Prestige Estate Projects Ltd, Panchshil Realty and Cushman & Wakefield are the major companies operating in the India Office Real Estate Market.

India Office Real Estate Industry Report

Statistics for the 2023 India Office Real Estate market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Office Real Estate analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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