Office Fit-Out Costs Rise in India amid Demand for Premium Workspaces
Company News

Office Fit-Out Costs Rise in India amid Demand for Premium Workspaces

Office fit-out costs in India continued to rise in 2024, with Mumbai leading at US$73 per sq. ft., followed by Delhi at US$ 69 per sq. ft., according to Cushman & Wakefield’s latest Fit-Out Cost Guide. Bengaluru follows at US$67 per sq. ft., while Ahmedabad, Chennai, Hyderabad, Kolkata, and Pune stand at US$ 65 per sq. ft.

Despite a three per cent year-on-year increase, India remains one of the most cost-effective office fit-out destinations in the Asia Pacific (APAC) region. The report notes a shift towards premium, tech-enabled, and sustainable workspaces as companies invest more per square foot to enhance employee experience and align with global design standards.

""A surge in premiumisation is evident across metro markets, with multinational corporations and domestic firms investing in modern office environments to attract top talent and reflect brand identity,"" the report states. Occupiers are prioritising biophilic designs, ergonomic spaces, and air quality enhancements to promote well-being and productivity.

Startups and SMEs are increasingly opting for plug-and-play and co-working spaces due to cost efficiency and flexibility, while sustainability remains a key focus, with developers targeting LEED and IGBC certifications.

""While fit-out costs have seen only a marginal increase YOY, the overall cost of office spaces has risen due to premiumisation. Occupiers—especially Global Capability Centers (GCCs)—are investing more in creating high-quality work environments that prioritize wellness, technology, and sustainability,"" said Shashi Bushan, Managing Director, Project and Development Services, Cushman & Wakefield.

Globally, Tokyo remains the most expensive city in APAC for fit-outs at US$195 per sq. ft., while Jakarta is the most affordable at US$58 per sq. ft. The report suggests that as material costs stabilise, labour wages continue to drive inflation in certain markets.


Office fit-out costs in India continued to rise in 2024, with Mumbai leading at US$73 per sq. ft., followed by Delhi at US$ 69 per sq. ft., according to Cushman & Wakefield’s latest Fit-Out Cost Guide. Bengaluru follows at US$67 per sq. ft., while Ahmedabad, Chennai, Hyderabad, Kolkata, and Pune stand at US$ 65 per sq. ft.Despite a three per cent year-on-year increase, India remains one of the most cost-effective office fit-out destinations in the Asia Pacific (APAC) region. The report notes a shift towards premium, tech-enabled, and sustainable workspaces as companies invest more per square foot to enhance employee experience and align with global design standards.A surge in premiumisation is evident across metro markets, with multinational corporations and domestic firms investing in modern office environments to attract top talent and reflect brand identity, the report states. Occupiers are prioritising biophilic designs, ergonomic spaces, and air quality enhancements to promote well-being and productivity.Startups and SMEs are increasingly opting for plug-and-play and co-working spaces due to cost efficiency and flexibility, while sustainability remains a key focus, with developers targeting LEED and IGBC certifications.While fit-out costs have seen only a marginal increase YOY, the overall cost of office spaces has risen due to premiumisation. Occupiers—especially Global Capability Centers (GCCs)—are investing more in creating high-quality work environments that prioritize wellness, technology, and sustainability, said Shashi Bushan, Managing Director, Project and Development Services, Cushman & Wakefield.Globally, Tokyo remains the most expensive city in APAC for fit-outs at US$195 per sq. ft., while Jakarta is the most affordable at US$58 per sq. ft. The report suggests that as material costs stabilise, labour wages continue to drive inflation in certain markets.

Next Story
Infrastructure Transport

Mumbai-Ahmedabad Bullet Train Set to Launch by 2028

India’s first bullet train is set to revolutionize high-speed travel along the western corridor, with the Mumbai-Ahmedabad high-speed rail project aiming for a 2028 launch. This announcement marks a major milestone in India’s infrastructure goals, as it promises to reduce travel time between the two economic hubs from eight hours to just three.Spanning a planned 508-kilometre stretch, the corridor stands as a flagship example of Indo-Japanese collaboration in technology and engineering. Once operational, the train is expected to transform intercity mobility and place India among the select..

Next Story
Infrastructure Transport

Mumbai-Gandhinagar Train Service Enhances Passenger Capacity

The Mumbai Central–Gandhinagar Capital Vande Bharat Express has increased its passenger capacity by adding four additional AC chair car coaches to meet the growing commuter demand on one of India’s busiest business corridors. This upgrade, effective from 11 May, raised the train’s seating capacity from 1,128 to 1,440 passengers, allowing it to serve 936 more passengers daily in both directions. The increase was described as a practical measure to accommodate the surging demand on the busy Mumbai–Ahmedabad–Gandhinagar route, which regularly operates at over 150 percent seat occupancy...

Next Story
Infrastructure Urban

Delhi Plans 12 Sewage Plants to Clean Najafgarh Drain Efficiently

Delhi’s ambitious plan to improve the water quality of the Yamuna River has gained significant momentum as the Delhi Jal Board (DJB) has begun work on 12 new sewage treatment plants (STPs) aimed at reducing the volume of untreated sewage being discharged from the Najafgarh Drain.This initiative forms part of the ongoing efforts to clean the Yamuna and restore the river’s health, which has long been a critical environmental issue for the national capital. Given the alarming pollution levels in the Yamuna, experts and officials consider this project a vital step toward addressing the persist..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?