Thought leadership: Deciphering construction cost drivers for Indian grade A commercial space
Introduction
India's burgeoning commercial office space sector — home to some of the world's largest private companies and the third largest start-up ecosystem in the world — is a major contributor to the country's economic success.
The establishment of a solid office infrastructure has supported the expansion of economic activity throughout the country, creating opportunities for those businesses focused on the rapidly expanding Indian commercial real estate market.
- In 2022, the office market's net absorption in the top seven cities, including Mumbai, Bangalore and Hyderabad, reached a three-year high at 38.25 million
- In 1Q 2023, India's six largest cities absorbed 14 million square feet of office space, an increase of 16% from the previous quarter
- From 2017 to 2021, foreign investments in the office sector increased from USD 3.2 billion to USD 10.3 billion.
The Trees, Godrej One, Mumbai, Maharashtra, India — Gleeds provided Cost Management services from initial cost planning to final account.
Close to 1 million square feet, this project has elevated the definition of grade A commercial office buildings in India.
