Surge in Demand for Green-Certified Office Spaces in India
Corporate occupiers are increasingly prioritizing sustainable office spaces in key Indian markets, leading to a surge in leasing activity in green-certified buildings. In Q2 2024, approximately 13 million sq ft of office space was leased in such buildings across six major cities, marking a 24% year-on-year increase and comprising 82% of total office leasing during the quarter.
Bengaluru and Mumbai led the trend, together accounting for over 50% of these leases. Notably, 60% of the leased green spaces were in developments completed within the last five years. The rising preference for LEED, GRIHA, and WELL-certified buildings reflects growing corporate awareness of the role sustainable infrastructure plays in mitigating climate change and reducing carbon footprints. Developers are increasingly aligning with global sustainability standards, offering tenants benefits such as lower operational costs, better indoor air quality, and enhanced employee productivity.
