India's commercial office market absorption marks 14% spike in 2024

India's commercial office market is witnessing an unprecedented transformation, having achieved record-breaking absorption of 66.4 million square feet in 2024, marking 14% year-on-year growth. The market is projected to reach new heights of 65-70 million square feet in 2025, according to a new FICCI-Colliers report: India Office Setting New Standards for 2025 launched at the 18th FICCI Real Estate Summit. The shift from a supply-led to an occupier-driven market has been cemented by three consecutive years of leasing volumes exceeding 50 million square feet. Bengaluru led with its highest-ever absorption of 21.7 million square feet in 2024, while Hyderabad registered the strongest growth at 55%.

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