CRE Matrix & CREDAI Presents India Office Report Q4 CY'23

In CY'23, India's Grade A/A+ office demand soared to 62 million square feet, marking a remarkable 21% surge post-COVID compared to 2018-2019 levels. This growth underscores a robust rebound in the commercial real estate sector. Additionally, the Weighted Average Lease Term (WALT) expanded by 7% to 62 months, indicating a shift towards longer-term lease commitments by tenants. Pune and Chennai emerged as frontrunners in office demand growth, with impressive increases of 25% and 14% respectively, fueled predominantly by pre-commitments from the BFSI sector. Moreover, the market witnessed a notable surge in rentals during Q4 CY'23, with Grade A/A+ rentals nationwide experiencing a sharp 14.5% uptick, primarily driven by markets like Noida and Chennai, reflecting the evolving dynamics of the office space landscape.