India to become fourth-largest office-space market globally: Knight Frank

India’s office stock is on track to reach 1 billion square feet (sq ft) by September this year, with a value of $187 billion. This would make it the fourth-largest market in the world, behind the US, China, and Japan, according to a report by Knight Frank India.  This area is set to double to 2 billion sq ft during 2036-2041. The market offers a unique cost advantage, with average rents declining to $0.96/sq ft a month in 2025, reinforcing its sub-dollar status globally.  This affordability, paired with Grade A spaces being 53 per cent of the total supply, has accelerated the growth of global capability centres.  As global occupiers seek cost-effective, high-quality, and ESG-compliant workspaces, India’s value proposition continues to strengthen its strategic role in corporate real estate portfolios. Office space accounts for 27 per cent of India’s real estate market of $648 billion, where 52 per cent is cornered by residential.