Pune’s Grade A Office Leasing Demand Surges by 19% in 2024, Solidifying City as Top Business Destination

1. Pune’s office space market experienced a significant 19% rise in leasing activity in 2024, totaling 80 lakh square feet.
2. The growth was driven by strong performance in the first half of the year and sustained demand in the second half.
3. Demand for office spaces in Pune remains strong, with technology firms and global companies seeking Grade A office spaces.
4. In the second half of 2024, leasing activity stood at 36 lakh square feet, indicating steady demand.
5. The city saw an increase of 57 lakh square feet in new office space, marking a 58% increase.
6. Flexible office spaces made up 35% of the total leasing activity in Pune, reflecting global trends in workspace needs.
7. Office rents in Pune rose to Rs 77 per square foot per month, surpassing pre-pandemic levels.
8. Developers in Pune are focusing on Grade A office real estate, making the city more attractive for technology firms and multinational companies.
9. Global companies have been key drivers of leasing activity in Pune, particularly in the technology and services sectors.
10. Co-working spaces have become the largest segment of tenants in Pune, offering flexibility and cost-effective options for businesses.
11. Pune’s office leasing market outpaced many other major cities in India, with a total leasing activity of 80 lakh square feet.
12. The outlook for Pune’s commercial real estate market remains optimistic, with expectations of continued growth in leasing and the addition of new office spaces.

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