Office space demand in Mumbai may rise at CAGR of 12-15% over next 4 years, driven by GCCs: CBRE

Fresh updates from the financial markets indicate that Mumbai could witness 12-15 per cent annual expansion in demand for office spaces over the next four years from an average 11.8 million sq ft between 2022 and 2026, according to CBRE.

Real estate consultant CBRE stated the office demand would be fuelled by global capability centres (GCCs), which are being established by foreign firms across seven major cities of India, including Mumbai.

"By 2030, Mumbai has the opportunity to emerge as one of the world's major economic engines," stated Anshuman Magazine, Chairman & CEO – India, Southeast Asia, Middle East & Africa, CBRE.

"The transformation will be fuelled by mobility — metro, rail, roads and airport connectivity — alongside redevelopment, new business districts, housing and transit-oriented expansion. With its strengths in finance, technology, services, manufacturing and data centres, Mumbai has all the ingredients to become a truly global gateway city," he stated.

Magazine stated the next five years could be transformative. "Our ambition should be for Mumbai to stand alongside cities such as Tokyo and Singapore as a leading global economic hub." In a report released at a CII event recently, CBRE noted that the average annual office demand in Mumbai is 11.8 million sq ft between 2022 and 2026. The total office stock is projected to grow 1.3 times by 2030.

Mumbai accounted for around 16 per cent of India's office inventory as of June, 2026. The country's office stock has crossed 1 billion sq ft.

On the outlook for the 2027-2030 period, CBRE noted that the office demand is estimated to grow at a compounded annual expansion rate (CAGR) of 12-15 per cent fuelled primarily by the BFSI, technology, and flexible space players.

Commenting on the data, Onkar Shetye of Mumbai-based realty firm Aurum Ventures Group, stated, "GCCs are no longer looking at India purely through the lens of workforce and cost. They are increasingly asking a different question: what environment will attract, engage and retain the next generation of global talent?" "For this workforce, the office is no longer merely a workplace. It is an ecosystem for collaboration, professional development, wellbeing and social connection. That is why LEED certification, ESG, health and wellness, recreation and high-quality everyday experiences are becoming integral to the GCC real estate proposition," he further noted.

The next generation of GCCs will compete for office space as well as talent, stated Shetye, who is additionally Executive Director of listed firm Aurum PropTech.