India has solidified its position as the most cost-competitive office fit-out market in Asia Pacific, offering a mix of cost efficiency, scale, and quality, according to a recent report. Office fit-out costs in major Indian markets range from $65 to $73 per square foot, significantly lower than key regional markets like Tokyo, Sydney, and Singapore. This reaffirms India’s status as an economical choice for creating high-quality collaborative workspaces on a large scale.
Shashi Bushan, from Cushman & Wakefield, highlighted India’s competitiveness in the fit-out market, emphasizing not just the cost advantage but also the consistency and depth of delivery capability across cities. With global supply chains adjusting and input costs sensitive to energy prices, India’s relative positioning is strengthening further. The country’s cost advantage is particularly notable amidst a growing occupier activity trend across the region.
India’s top eight cities have played a pivotal role in the region’s office demand growth, accounting for a significant portion of the total demand. The supply side in Asia Pacific is witnessing a notable divergence, with a substantial office supply under construction, a significant portion of which is concentrated in India’s top eight cities. Organizations are strategically investing in workplace environments, and India continues to offer a balanced mix of cost, quality, and scalability, making it an attractive choice for occupiers.
Mumbai stands out as the highest-cost market at around USD 73 per square foot, driven by strong demand from multinational corporations, financial institutions, and Global Capability Centres (GCCs) seeking premium office spaces.
