Office leasing market hits record high: Flexible workspace, IT lead surge

The year 2024 witnessed the highest-ever office leasing in India, reaching an unprecedented 81.7 million square feet (msf). This marks a 19% increase over calendar year 23, breaking the previous record, according to a report by real estate consultancy firm CRE Matrix, in partnership with the Confederation of Real Estate Developers’ Associations of India (CREDAI).

In a year characterized by economic uncertainties, the surge in demand was powered by a positive business outlook and the flexibility offered by co-working and flex-space models, which have become increasingly popular.