Market Report
India Office Market: Sustaining the Sustainability
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Key Insights
1
Over 65% of Grade A office space is green-certified with a dominance of LEED certification
2
Southern cities (Bengaluru, Chennai, and Hyderabad) account for 58% of the total green stock
3
90% of the office buildings with a built-up area of more than 10 lakh sq ft qualify as green buildings
Key Takeaways
- Gold is the most prominent certification in the Indian office market as 49% of buildings are certified gold under LEED and 51% are accredited gold under IGBC
- Whereas Bengaluru accounts for the highest, 172 Mn sq ft, green stock amongst the top seven cities of India, Chennai has the highest percentage share, 83%, of green stock out of the city’s total Grade A stock
- Pune has the lowest percentage, 56%, of green-certified office buildings despite the prominence of MNCs in city leasing
- Green certification is rare in office buildings with a built-up area of less than 1 lakh sq ft, which signifies the lower preference for sustainability practices in the small and medium-scale developers and occupiers
