GRI ClubSanjay Choudary: “Demand for premium workspaces remains strong”
The Founder & CEO of Incuspaze brings over 20 years of experience to offer insights into India’s expanding office sector
Written by Isabella Toledo
India’s office market saw a record-breaking 66.4 million square feet of space absorbed in 2024, marking a 14% year-on-year increase. A key factor driving this expansion is the rise of Global Capability Centres (GCCs), which reported a 41% jump in leasing activity, accounting for 25.7 million square feet across the country’s top six cities. And this momentum is showing no signs of slowing, with recent projections suggesting that the market could reach 65-70 million square feet in 2025.
As the market evolves, so too do the strategies of its leaders. Sanjay Choudhary, Founder & CEO of Incuspaze, sat down with GRI Club for an exclusive interview, bringing his 20+ years of experience to offer insights into India’s expanding office markets and explore emerging investment trends, the rise of decentralised locations, and the future of the sector.
With global economic uncertainties and RBI’s recent interest rate cut, what do you see as the biggest opportunities and challenges in India's office market?
The office market in 2025 will be shaped by policy stability and evolving workplace trends in India. Despite potential challenges, demand for premium workspaces remains strong, driven by GCCs and IT-BPM firms, particularly in Bangalore, Hyderabad, and Pune.
The rise of hybrid work models is fueling demand for flexible, scalable, and tech-enabled offices, creating opportunities for managed services providers, while institutional investors are increasingly drawn to the sector, recognising its strong growth potential. However, rising construction costs, stricter sustainability regulations, and potential taxation changes could pose challenges for both sides.
(Incuspaze)
With occupier preferences evolving, what key trends in locations, leasing models, and workspace design are shaping the future of India’s flexible office market?
Infrastructure developments, top multinational corporations looking to expand, and high costs in metro cities are pushing companies toward Tier 2 locations, such as Jaipur, Chandigarh, and Coimbatore, allowing them to optimise costs while aligning with GCCs' evolving location strategies.
Demand for hybrid, managed office solutions and employee-centric workplaces is also reshaping design, with a focus on wellness, adaptive layouts, and tech-enabled features to attract top talent. Enterprises and GCCs prioritise ISO-certified, GDPR-compliant, and tech-driven spaces for data security, while ESG-compliant buildings are gaining traction for their emphasis on sustainability.
How is Incuspaze integrating technology, sustainability, and hybrid work models to meet these changing demands?
Incuspaze is redefining workspaces by integrating technology, sustainability, and hybrid work models. Our Smart Access Control System provides smartphone-based entry, attendance tracking, and visitor management for enhanced security.
Smart Video Analytics offers automated inspections and real-time security alerts, meeting the high-security needs of GCCs, while the Smart Controlling & Switchable Glass feature enables remote appliance management and energy optimisation, and it is compatible with Alexa or Google Home. Smart Room Scheduling improves workspace efficiency through integration with Outlook/Teams, and Energy Management solutions track electricity usage, detect leaks, and monitor equipment health for ESG compliance.
(Incuspaze)
With increasing interest from domestic investors such as High Net-Worth Individuals (HNWIs), Ultra High Net-Worth Individuals (UHNWIs), and family offices in commercial real estate, how is the sector positioning itself to attract private investors seeking stable returns?
The commercial real estate sector is attracting private investors by focusing on consolidation, transparency, and trust-building. Developers and asset managers are offering structured investment opportunities with stable rental yields, ensuring long-term financial security, and both REITs and fractional ownership models have made commercial real estate more accessible, providing liquidity and risk diversification. By fostering strong governance and prioritising high-quality assets, the sector is positioning itself as a resilient and attractive investment avenue for private capital.
As a member of GRI Club, how do you see its platform fostering meaningful discussions and facilitating new partnerships and business opportunities?
GRI Club’s platform serves as a key enabler for industry collaboration, bringing together decision-makers, investors, and operators and facilitating new partnerships by connecting stakeholders with shared goals to drive innovation and unlock business opportunities in India’s dynamic office market.