New Delhi: India’s leading 8 workplace markets observed an unmatched rise in deals, getting to 28.2 million square feet (mn sq feet) in Q1 (Jan-March) 2025 -the greatest ever before videotaped in a solitary quarter, according to a record launched on Thursday by property companyKnight Frank India
Driven by solid financial energy, inhabitant self-confidence thrust purchase quantities to brand-new elevations. This notes an impressive 74 percent year-on-year (YoY) development, going beyond the previous optimal embeded in Q3 2024 by 48 percent, the record stated.
Bengaluru led the workplace market development in Q1 2025 by tape-recording 12.7 mn sq feet in deals, which made up 45 percent of the overall office uptake. Office deals in Bengaluru videotaped an enormous 259 percent YoY development over Q1 2024. As high as 58 percent or 0.7 mn sq m (7.4 mn sq feet) of the location negotiated in Bengaluru was represented by pre-commitments.
Hyderabad preserved a stable energy, getting to 4 mn sq feet quantity in workplace need. Pune with 3.7 mn sq feet and Mumbai with 3.5 mn sq feet additionally established brand-new quarterly documents in purchase quantities. Bengaluru and Pune outmatched the nationwide YoY development price of 74 percent, becoming the crucial quantity motorists of India’s workplace market.
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Office deals were largely driven by Global Capability Centres (GCC), tape-recording 12.4 mn sq feet deals, composing 44 percent of the overall market share. Third- event IT solutions with 5.5 mn sq feet occupied 19 percent of market share, very closely adhered to by flex drivers with 5.5 mn sq feet, regulating 20 percent of the marketplace share.
Bengaluru controlled purchase quantities in GCCs and Third- event IT solutions with 8 mn sq feet and 2.1 mn sq feet negotiated specifically in the city. Pune led in flex area deals with 1.61 mn sq feet occupied by flex drivers throughout the quarter.
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Global Capability Centres played a crucial function in driving India’s workplace market, representing 44 percent of overall need, with 12.4 mn sq feet negotiated. Bengaluru controlled, adding almost 8 mn sq feet, or 65 per of all GCC deals in Q1 2025.
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Shishir Baijal, Chairman and Managing Director
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Knight Frank India, stated:”Q1 2025 was an exceptional period for the Indian office space market. With the demand for GCCs consistently breaching new highs, global perception of India as a long-term investment destination continues to strengthen.”
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“With completions having lagged transactions consistently since 2021, vacancy levels trended down from 17.2 per cent then to a healthy 14.3 per cent in Q1 2025. This supply squeeze across the top markets has also caused rents to trend higher since early 2022,” he included. . .
As India remains to bait development specifications, the office market deals with marginal headwinds aside from a constricted supply and shows up well-positioned to keep its energy right into 2025, the record included.
