New Delhi, Jan 11 (NationPress) The average deal size for the commercial market across the top eight cities in India has experienced a notable increase of 10.24% — rising from 37,976 square feet in 2023 to 41,867 square feet in 2024, according to a report released on Saturday.
Hyderabad has emerged as the leader with the highest average deal size for office spaces at 70,535 square feet. The city recorded an increase of 10.13% from 64,042 square feet in 2023, as stated in the report by Knight Frank India.
This growth is driven by multiple factors, prominently the city’s remarkable quality of life, which strikes a balance between modern amenities and a comparatively affordable cost of living when compared to other major cities.
Furthermore, Hyderabad boasts advanced infrastructure, featuring well-connected transport systems and expanding business districts, significantly enhancing its attractiveness to both national and international firms, the report highlighted.
In terms of percentage growth, Mumbai leads with a stunning 54.59% increase in its commercial market, where the average deal size escalated from 25,971 square feet in 2023 to 40,150 square feet in 2024.
“In absolute figures, the city ranks third for the highest average deal size among the eight markets in India,” the report noted.
In Mumbai, the sentiment among occupiers in 2024 remains optimistic, bolstered by an improving economic landscape, rising physical occupancy rates, and transformative infrastructure advancements.
The launch of key metro lines, such as the BKC metro, has greatly improved accessibility, making Mumbai’s office market increasingly appealing to occupiers.
“The increase in average deal size reflects the growing demand for high-quality office spaces, characterized by greater commitment from occupiers in terms of lease durations and investment in workspaces throughout 2024,” the findings concluded.
