New office space supply across top7 cities to exceed mn sqft

13 Oct 2023 CW Team

A recent report by CBRE South Asia, a prominent real estate consulting firm, has forecasted a remarkable increase in office supply completions across India's top seven cities. These cities, namely Bengaluru, Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai, and Pune, are expected to witness an office space supply exceeding 165 million square feet between 2023 and 2025. This projection represents a substantial uptick from the 142 million square feet of office space completed during the 2020-2022 period.

Bengaluru and Hyderabad are poised to maintain their dominance in this burgeoning office space supply, accounting for nearly half of the total supply expected between 2023 and 2025. The robust expansion in office supply reflects a significant trend, with the average annual office supply having already increased by 17% and the average building size growing by 18% over the preceding three years, from 2020 to 2022.

Anshuman Magazine, Chairman and CEO of CBRE for India, South-East Asia, Middle East, and Africa, commented on this impressive growth trajectory. He stated, "This growth is expected to further accelerate by 15-18% during the next three-year period from 2023 to 2025." This expansion in office supply is indicative of the continued evolution and growth within India's commercial real estate sector, offering a glimpse into the dynamic business landscape of these top urban centers.

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