India's Office Space Boom: A Billion-Square-Foot Milestone

India's office space stock has surpassed one billion square feet, valued at USD 186 billion. A report by CII-Knight Frank highlights the need for new properties to sustain growth. Despite global uncertainties, India remains a booming office market, now at a critical point requiring strategic development.

India's office real estate market has reached a significant milestone, with total stock surpassing one billion square feet, valued at USD 186 billion, as reported by CII-Knight Frank India. Despite global economic uncertainties, the market's structural strength is evident.

The commercial real estate sector in India has grown remarkably from under 200 million sq ft in the early 2000s to a projected 1 billion sq ft by 2025. This expansion highlights India's position as a rapidly developing office market globally, requiring strategic efforts to sustain growth.

The recent report suggests that to maintain growth momentum and reach the 2 billion sq ft milestone, India must adopt a two-pronged approach: accelerating new property development and optimizing existing assets. The consultancy notes a competitive challenge, as residential capital values across prime markets outpace commercial development returns.

(With inputs from agencies.)