India Leads APAC In Commercial Realty Sentiment On Robust Office Demand: Report
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India has emerged as the most resilient commercial real estate market in the Asia-Pacific (APAC) region
India has emerged as the most resilient commercial real estate market in the Asia-Pacific (APAC) region, showing sustained momentum across the office, retail, and industrial & logistics sectors, even as sentiment weakens in traditionally strong markets like Greater China and Australia, according to CBRE's latest Asia Pacific Market Sentiment Survey.
The report highlights that India's office market is currently witnessing the highest sentiment levels across the region, driven by rising occupier confidence, strong demand from technology and financial services, and continued investments by Global Capability Centres (GCCs). The Office Market Sentiment Index for India surpassed the 70% threshold between September 2024 and June 2025, the highest among all regional markets. This momentum is supported by stable rental growth and robust leasing activity across major metros.
According to CBRE's India Office Figures report for Q1 2025, gross office leasing grew by 5% year-on-year, reaching 18 million square feet across nine cities during January to March 2025. Key markets like Bengaluru, Hyderabad, Delhi-NCR, and Mumbai remained dominant, while select Tier-2 cities also recorded increased leasing activity. Although renewals continue to be the primary driver of demand, expansion-led leasing—especially from IT firms and GCCs—remains strong in India and Japan, in contrast to the slowing demand seen in Korea and Singapore.
India's retail sector also demonstrated resilience despite a modest decline in leasing volumes. Retailers remain optimistic and are actively expanding in high-footfall, high-yield locations across major metros. This is in sharp contrast to several other APAC markets, where cautious expansion and store consolidations are becoming more common. In India, there are still no signs of widespread store closures, underscoring the confidence in long-term retail growth.
Crucially, India is the only APAC market where sentiment across all three core sectors—office, retail, and industrial & logistics—remains above the neutral 50% mark, reflecting the country's broad-based real estate resilience. While enquiry levels are dropping in some regions, India continues to see strong activity from IT, BFSI, and GCC sectors.
Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa at CBRE, attributed India's momentum to its diversified occupier base, technology-driven growth, and solid long-term fundamentals.
'India's consistent performance across office, retail, and industrial sectors positions it as a key pillar of stability in the Asia-Pacific real estate landscape. As global occupiers reassess their regional strategies amidst economic uncertainty, India offers a compelling proposition with its resilient demand, expanding infrastructure, and landlord-favourable dynamics," he said.
Ada Choi, Head of Research for APAC at CBRE, emphasized that India is on a distinctive growth path, diverging from many peers still adjusting to post-pandemic trends. 'India's commercial markets, particularly offices, show strength in demand and rental stability. This positions the country for continued expansion, especially as global enterprises diversify their APAC portfolios," she noted.
The CBRE Asia Pacific Market Sentiment Survey, conducted from May 20 to June 4, 2025, collected 517 responses from CBRE leasing professionals across the region. The findings cement India's position as a standout performer, reinforcing its rising importance as a central hub in the evolving APAC commercial real estate landscape.
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June 24, 2025, 11:08 IST
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