Office Space Stock In Top Eight Cities At Nearly 1 Billion Square Feet: Knight Frank

India's top eight cities have a total office space stock of 993 million sq ft valued at $187 billion and is set to cross the 1 billion sq ft mark by the end of this quarter, according to Knight Frank.

At present, the US has 10.2 billion sq ft of office space, China 6.26 billion sq ft and Japan 1.77 billion sq ft.

"From under 200 million sq ft in 2005 to nearly 1 billion sq ft in 2025, office supply has grown at a CAGR (compound annual growth rate) of 8.6% in the last 20 years," real estate consultant Knight Frank India said in a statement.

The consultant projected that the total office stock is set to cross the landmark 1 billion square feet in the September quarter.

According to the data till June 30 this year, Bengaluru has a total office space stock of 229 million sq ft valued at $49 billion, followed by Delhi-NCR, which has 199 million sq ft worth $44 billion, and Mumbai Metropolitan Region has 169 million sq ft valuing $41 billion.

Hyderabad has 123 million sq ft of office space stock valuing $16 billion; Pune 106 million sq ft ($16 billion); Chennai 92 million sq ft ($13 billion); Ahmedabad 41 million sq ft ($4 billion); and Kolkata 34 million sq ft worth $4 billion.

Of the total office space stock, the consultant mentioned that the share of Grade A spaces stood at 53%, followed by Grade B at 43% and Grade C at 4%.

The consultant noted that India's office demand has transformed in the last 35 years. Global Capability Centers have become a major driver of office demand in India.

"India's office market is at a defining moment. Poised to cross the 1 billion sq ft threshold in 2025 with 0.99 billion sq ft already achieved, India has become the world's fourth-largest office market," Gulam Zia, Senior Executive Director- Research, Advisory, Infrastructure, and Valuation at Knight Frank, said.

India has emerged as a true global office powerhouse, he noted.

"India's office stock growth is a testament to its economic resilience. As we build the next wave of workspaces, there is growing responsibility to design and construct office interiors with sustainability and EHS in mind," said Shruti Singh, Co-Founder of Carbon Guardians, which is into Design & Build and managed offices business.

The future of office development lies in performance-driven workplaces that align with global sustainability goals and employees' wellbeing, she said.

"The scale of expansion ahead is immense and so is the opportunity to embed carbon-conscious thinking into every square foot we create," Singh said.