The India commercial real estate market exhibits robust growth potential, driven by a burgeoning economy, increasing urbanization, and a thriving IT and business process outsourcing (BPO) sector. The market size, valued at approximately $40.71 billion in 2025, is projected to experience a Compound Annual Growth Rate (CAGR) of 21.10% from 2025 to 2033. This expansion is fueled by significant demand for office spaces from multinational corporations and startups, particularly in major metropolitan areas like Mumbai, Bangalore, Delhi, and Hyderabad. The rise of e-commerce and logistics also significantly boosts the industrial and logistics segment. However, factors such as regulatory hurdles, fluctuating interest rates, and the occasional economic slowdown could potentially act as restraints on market growth. The segmentation of the market into offices, retail, industrial and logistics, and hospitality reflects diverse investment opportunities. Key players such as DLF Ltd, Godrej Properties Ltd, and others, alongside prominent real estate agencies like JLL India and Anarock Property Consultants, are shaping the market landscape through their development projects and brokerage services. The increasing preference for flexible workspaces and the adoption of smart building technologies are significant trends influencing market development. The forecast period of 2025-2033 anticipates substantial growth, particularly in the office and industrial segments, driven by ongoing infrastructure development and government initiatives to improve ease of doing business. Competition amongst developers is expected to remain high, leading to innovation in design, construction, and property management. The market is characterized by both established players and emerging startups, indicating a dynamic and competitive environment. The consistent growth in major cities is likely to encourage further investment and development in tier-2 and tier-3 cities over the forecast period. While challenges remain, the overall outlook for the India commercial real estate market remains positive, promising significant returns for investors and stakeholders in the coming years. Recent developments include: November 2022: Tiger Global sponsored a cooperation between the occupancy detection platform Butlr and the data and technology company Propstack which would enable occupancy sensing across commercial real estate projects in India. To make data-driven real estate decisions and enhance the workplace experience, Propstack's Indian clients would be able to obtain and use occupancy and space usage data offered by Butlr, thanks to this agreement., April 2022: The Canada Pension Plan Investment Board ("CPP Investments") and TATA Realty and Infrastructure Limited established a joint venture to build and own commercial office space in India. Aiming to handle assets worth more than INR 50 billion (USD 604.18 million), the joint venture will focus on stabilizing and developing assets. With a pledge of INR 26 billion from CPP Investments, the joint venture's total aggregate equity value would be INR 53 billion (USD 640.43 million).. Key drivers for this market are: Increasing need for contemporary office spaces, Urban and semi-urban lodging are acting as other significant growth-inducing factors. Potential restraints include: Increasing need for contemporary office spaces, Urban and semi-urban lodging are acting as other significant growth-inducing factors. Notable trends are: Office space demand to propel the market in India.

NAS: 2011-2012: Gross State Value Added: 2011-2012p: Delhi: Real Estate, Ownership of Dwellings and Professional Services data was reported at 1,502,900.193 INR mn in 2023. This records an increase from the previous number of 1,393,636.787 INR mn for 2022. NAS: 2011-2012: Gross State Value Added: 2011-2012p: Delhi: Real Estate, Ownership of Dwellings and Professional Services data is updated yearly, averaging 1,129,490.799 INR mn from Mar 2012 (Median) to 2023, with 12 observations. The data reached an all-time high of 1,502,900.193 INR mn in 2023 and a record low of 724,803.593 INR mn in 2012. NAS: 2011-2012: Gross State Value Added: 2011-2012p: Delhi: Real Estate, Ownership of Dwellings and Professional Services data remains active status in CEIC and is reported by Ministry of Statistics and Programme Implementation. The data is categorized under India Premium Database’s National Accounts – Table IN.AR023: Gross State Value Added: NCT of Delhi.

NAS: 2011-2012: Gross State Value Added: Delhi: Real Estate, Ownership of Dwellings and Professional Services data was reported at 2,636,348.275 INR mn in 2023. This records an increase from the previous number of 2,355,809.935 INR mn for 2022. NAS: 2011-2012: Gross State Value Added: Delhi: Real Estate, Ownership of Dwellings and Professional Services data is updated yearly, averaging 1,611,556.434 INR mn from Mar 2012 (Median) to 2023, with 12 observations. The data reached an all-time high of 2,636,348.275 INR mn in 2023 and a record low of 724,803.593 INR mn in 2012. NAS: 2011-2012: Gross State Value Added: Delhi: Real Estate, Ownership of Dwellings and Professional Services data remains active status in CEIC and is reported by Ministry of Statistics and Programme Implementation. The data is categorized under India Premium Database’s National Accounts – Table IN.AR023: Gross State Value Added: NCT of Delhi.

The India office real estate market, currently valued at approximately $33.41 billion (assuming "Value Unit Million" refers to USD Million), is experiencing robust growth, projected to expand at a compound annual growth rate (CAGR) of 28.50% from 2025 to 2033. This significant expansion is driven by several key factors. Firstly, India's burgeoning IT and tech sector, coupled with a growing number of multinational corporations establishing operations within the country, fuels an ever-increasing demand for modern, high-quality office spaces. Secondly, the ongoing urbanization and economic development across major cities like Bengaluru, Hyderabad, Mumbai, and other significant urban centers, are creating strong localized markets. Finally, investments in infrastructure development and a positive business environment continue to attract foreign and domestic investments in the commercial real estate sector. The market is segmented by major cities, reflecting varying levels of development and demand. Key players, including Prestige Estate Projects Ltd, Cushman & Wakefield, and DLF Limited, are competing for market share through a diverse range of offerings catering to specific industry needs and preferences. However, certain restraints exist. While the overall market is robust, potential challenges include fluctuations in the broader economic climate which can impact investment decisions and rental rates. Furthermore, maintaining a balance between supply and demand requires careful market analysis and strategic planning by developers. The evolving nature of work patterns and the increasing adoption of hybrid work models may also influence long-term demand. Despite these considerations, the continued expansion of India's economy, combined with consistent foreign direct investment and ongoing infrastructure improvements, positions the India office real estate sector for sustained and significant growth over the forecast period. The market’s dynamism necessitates ongoing monitoring of key economic indicators and evolving work trends to effectively assess opportunities and risks. This comprehensive report provides an in-depth analysis of the India office real estate industry, covering the period from 2019 to 2033. With a base year of 2025 and an estimated year of 2025, the report offers valuable insights into historical trends (2019-2024) and future forecasts (2025-2033). It examines key market segments, leading players, and emerging trends, equipping stakeholders with the knowledge needed to navigate this dynamic sector. The report utilizes high-search-volume keywords such as India office space, commercial real estate India, Indian office market trends, Bengaluru office market, Mumbai office space, Hyderabad commercial real estate, and Indian real estate investment. Recent developments include: October 2022: Colliers International, a global real estate consulting firm, announced that the major six cities in India (Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai, and Pune) planned to develop more than 300 million square feet of existing and upcoming commercial office buildings., August 2022: Hines Ltd. (the US-based real estate firm) planned to develop an office building comprising 9 lakh square feet of leasable area in Mumbai. In addition, the company has already completed two commercial projects in Gurugram, comprising 1.4 million square feet. Thus, the company is planning to increase its footprint in India by developing commercial projects.. Key drivers for this market are: Improvements in Infrastructure and New Development, Population Growth and Demographic Changes. Potential restraints include: Housing Shortages, Increasing Awareness towards Environmental Issues. Notable trends are: Demand for Office Space Increased in 2021.

Delhi: Revenue Receipts: Tax: State: Property and Capital Transactions: Land data was reported at 0.300 INR mn in 2025. This stayed constant from the previous number of 0.300 INR mn for 2024. Delhi: Revenue Receipts: Tax: State: Property and Capital Transactions: Land data is updated yearly, averaging 0.100 INR mn from Mar 1994 (Median) to 2025, with 31 observations. The data reached an all-time high of 617.876 INR mn in 2015 and a record low of 0.074 INR mn in 2022. Delhi: Revenue Receipts: Tax: State: Property and Capital Transactions: Land data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Government and Public Finance – Table IN.FG021: State Finances: Revenue Receipts: NCT of Delhi.

NCT of Delhi: Revenue Receipts: Tax: State: Property and Capital Transactions: Land在2025达0.300INR mn，相较于2024的0.300INR mn保持不变。NCT of Delhi: Revenue Receipts: Tax: State: Property and Capital Transactions: Land数据按每年更新，1994至2025期间平均值为0.100INR mn，共31份观测结果。该数据的历史最高值出现于2015，达617.876INR mn，而历史最低值则出现于2022，为0.074INR mn。CEIC提供的NCT of Delhi: Revenue Receipts: Tax: State: Property and Capital Transactions: Land数据处于定期更新的状态，数据来源于Reserve Bank of India，数据归类于India Premium Database的Government and Public Finance – Table IN.FG021: State Finances: Revenue Receipts: NCT of Delhi。