India's total office stock set to cross 1 billion square feet by Q3 2025: Report

New Delhi, Aug 4 India's total office stock is set to cross the landmark 1 billion square feet (bn sq ft) in office supply by Q3 2025, a major landmark in the office real estate market, bringing India’s stock a few steps closer to that of other global gateway markets, a report said on Monday.

"From under 200 mn sq ft in 2005 to nearly 1 bn sq ft in 2025, office supply has grown at a CAGR of 8.6 per cent in the last 20 years," Knight Frank said in a report.

The expansion underscores India’s emergence as one of the fastest-growing and most future-ready office markets globally.

According to the report, the cumulative office stock across the top 8 Indian cities stood at 993 million sq ft (mn sq ft) as of the first half of 2025 (H1).

Bengaluru leads with 229 mn sq ft (23 per cent), followed by NCR with 199 mn sq ft (20 per cent), and Mumbai at 169 mn sq ft (17 per cent).

"As we prepare to cross the 1 billion sq ft threshold, it’s not just a number; it reflects the growing institutionalisation, maturity, and global relevance of India’s office market," Knight Frank India Chairman and Managing Director, Shishir Baijal, said.

This transformation has been powered by an ecosystem of world-class developers, investors, and occupiers who have continually raised the bar in creating dynamic, sustainable workspaces, he added.

India’s office stock has grown at a CAGR of 8.6 per cent over CY2005–2025. Bengaluru, NCR, and MMR have led this expansion, collectively accounting for 60 per cent of the total stock. Close behind, Hyderabad, Pune, and Chennai contribute another 33 per cent, while Ahmedabad and Kolkata make up the remaining 7 per cent of India’s office stock, the report said.

As per the report, India’s office demand has transformed dramatically from 1990 to 2025, evolving from a tech-industry support base into a global hub for capability centres, rising in the value chain.

Spanning seven distinct phases, this journey reflects resilience, innovation, and policy-led reform.

Milestones like the SEZ policy, regulatory improvements, and infrastructure investments have enabled the market to reach the 1 billion sq ft mark, underscoring scale, quality, and institutional depth, the report said.

As per the report, looking ahead, the growth runway remains significant.

With current office stock nearing 1 bn sq ft, India is poised to add its next billion square feet by 2036–2041, depending on the pace of expansion.

These projections are not merely assumption-based; they are anchored in India’s expected nominal GDP growth, historical absorption trends, and increased institutionalisation of the office sector.

At a 12.7 per cent CAGR, supported by strong economic momentum and formalisation, the milestone could arrive by 2036, the report stated.

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