Mumbai: India has emerged as the undisputed leader in office leasing across the Asia-Pacific region, accounting for 47% of total leasing volumes in 2024, according to Knight Frank’s latest report titled Asia-Pacific Horizon II: Whiplash to Resilience.
The country saw record office transactions totaling 6.68 million sq m (7.19 million sq ft) in 2024, driven by strong leasing activity from Global Capability Centres (GCCs), multinational occupiers, and third-party IT service providers.
This marks a sharp rise from 36% in 2015, solidifying India’s position as a strategic hub for corporate real estate (CRE) in the region.
“India’s 47% share in APAC office leasing speaks volumes about its solid fundamentals,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India. “With robust service and manufacturing ecosystems, India offers global corporations a stable, cost-effective, and scalable environment for long-term investments.”
India’s Office Leasing Momentum Fueled by Strategic Advantages
India’s key commercial hubs – Bengaluru, Hyderabad, Pune, and NCR – continue to attract businesses with their deep talent pools, infrastructure readiness, and strong demand across sectors. Flexible leasing models and build-to-suit solutions are also gaining traction, especially among tech companies and start-ups aiming for agility and cost efficiency.
The report also highlights India’s resilience amid global trade shifts, noting the country’s moderate exposure to external vulnerabilities and strong domestic demand. India’s ability to absorb global shocks stands in contrast to export-heavy APAC markets like South Korea and Singapore.
India: A Strategic CRE Anchor in a Shifting Global Landscape
India’s position in the ‘low exposure, moderate resilience’ quadrant of Knight Frank’s vulnerability matrix emphasizes its growing stature as a stable investment destination. The report also forecasts rising investor interest across Southeast Asia but notes that India remains dominant in office leasing, absorbing nearly half of APAC’s volumes.
“With the ‘China+N’ strategy now mainstream, real estate portfolios are shifting toward operational durability over expansion,” said Tim Armstrong, Global Head of Occupier Strategy and Solutions, Knight Frank. “India is poised to benefit the most in this structural transformation of corporate leasing strategy.”
As CRE strategies evolve, India’s expanding Grade A commercial real estate, combined with digital transformation and domestic consumption, ensures it remains central to the future of office leasing in APAC.
