Brands
Indian commercial office market hits record high, signals major shift in 2025
MUMBAI: India’s commercial office market has reached new heights, with leasing volumes hitting a record 66.4 million square feet in 2024, a 14 per cent year-on-year growth, according to the Ficci-Colliers report: India Office | Setting New Standards for 2025. The market is projected to grow further to 65-70 million square feet in 2025, marking a significant transition from a supply-led to an occupier-driven landscape.
Bengaluru led the charge with its highest-ever absorption of 21.7 million square feet, while Hyderabad recorded the strongest growth at 55 per cent. The dominance of the technology sector has declined from 40-50 per cent to 25 per cent , with engineering, manufacturing, financial services, and flexible workspaces now accounting for more than half of Grade A office demand.
Global capability centres (GCCs) have emerged as a key driver, leasing 25.7 million square feet in 2024, a 41 per cent increase year-on-year. Bengaluru captured 47 per cent of GCC leasing, while Mumbai saw a fourfold rise in uptake.
“Office leasing is expected to grow another 8-10 per cent in FY26, fuelled by demand from GCCs and the financial services sector,” said Ficci committee on urban development and real estate chairman & RMZ chairman Raj Menda.
Sustainability is also shaping occupier preferences, with over 70 per cent of leasing now in green-certified buildings, a figure expected to rise to 80-85 per cent by 2025. Menda added: “Nearly 80 per cent of new supply over the next two to three years will be green certified. By embracing sustainability and innovation, we can contribute to economic growth, enhance well-being, and leave a lasting impact on the environment.”
The real estate investment trust (Reit) landscape is expanding, with 80 million square feet currently under Reits and an additional 400 million square feet identified as potential Reit stock. The listing of India’s first small and medium Reit (SM-Reit) in 2024 has opened new avenues for retail investors.
Looking ahead, new office supply is expected to reach 60-65 million square feet in 2025, with vacancy levels projected to decline to 15-16 per cent. Average rental values are forecast to touch Rs 100-110 per square foot per month.
Ficci committee co-chairman and managing director and CEO Godrej Properties Gaurav Pandey highlighted the residential sector’s milestone in 2024, with demand hitting 1 billion square feet, valued at Rs 8.5 lakh crore, primarily concentrated in India’s top five cities.
“The sector needs execution build-up and brilliant talent across both white-collar and blue-collar jobs,” Pandey added, stressing the importance of labour strategy and talent management for sustained growth.
On the investment front, institutional inflows reached USD 4.7 billion in the first nine months of 2024, with over 60 per cent directed towards industrial, warehousing, and residential assets. The government’s Rs 1 lakh crore urban challenge fund aims to transform cities into growth hubs and improve infrastructure.
However, affordability concerns persist in the residential segment said Ficci committee co-chairman and managing director and CEO HDFC Capital Advisors Vipul Roongta: “With the average unit price at Rs 1 crore in major cities, home ownership remains out of reach for the emerging middle class, who can typically afford homes in the Rs 50-75 lakh range.”
Meanwhile, DLF vice chairman and managing director, rental business, Sriram Khattar, noted a shift in commercial real estate priorities: “Gone are the days when offices were built at 70-80 square feet per desk and simply filled up. The emphasis now is on quality workspaces that enhance occupier and employee experience.”
Looking ahead, Colliers India managing director office services Arpit Mehrotra stated: “The occupier-driven Indian office market will continue to diversify in 2025, and developers will need to remain agile to meet evolving preferences.”
Brands
Malaika Arora launches accessories brand Maejoy
The Bollywood star’s lifestyle brand, built with Myntra and Exceed Entertainment, promises aspirational fashion without the high price tag
MUMBAI: Malaika Arora is not the first Bollywood star to put her name on a brand, and she will not be the last. But Maejoy, the accessories label she has launched in partnership with Myntra Jabong India Private Limited (MJIPL) and talent outfit Exceed Entertainment, at least has a sharper pitch than most. The brand drops with 250-plus styles spanning handbags and lab-grown diamond jewellery, two categories that sit squarely in the sweet spot between aspiration and affordability, and lands on Myntra’s platform from day one, putting it in front of millions of shoppers without breaking a sweat.
The handbag range covers the full gamut: crossbody bags, structured shoulder bags, bucket bags, totes, workwear classics, backpacks and clutches, rendered in synthetic leather, raffia, braids, satin, rhinestone and metallic finishes. The jewellery line runs to rings, earrings, pendants, bracelets and tennis bracelets in silver, gold and rose-gold tones, set in 925 sterling silver with IGI and GCI certified lab-grown diamonds. The brand’s guiding philosophy, “The Joy of Being Me,” stakes its claim on individuality and self-expression; its three brand pillars, Authentic, Empowering, Accessible, are the usual suspects, though the lab-grown diamond bet is savvier than it sounds. Lab-grown stones now sell at a fraction of the price of mined ones, and the category is growing fast in India as younger buyers wise up to the arbitrage.
“Maejoy is a labour of love. Throughout my career, whether on screen, in business, or through my personal style, I’ve championed the idea that fashion should be empowering yet effortless. The brand aims to democratise global fashion trends while offering women something that extends the feeling of luxury every day, be it a lab-grown diamond or a perfectly crafted handbag,” said Malaika Arora, founder of Maejoy
MJIPL, the B2B wholesale arm of Myntra, is putting its design and brand-building muscle behind the venture. Suman Saha, chief experience officer and head of house of brands at MJIPL, was bullish on the tie-up.
“Maejoy brings together Malaika Arora’s distinctive style perspective with a strong proposition in the accessible yet elevated accessories space. We believe the brand’s fashion-forward designs and thoughtful positioning will connect strongly with discerning consumers.”
Suman Saha, chief experience officer, head of house of brands, MJIPL
Afsar Zaidi, chief executive of Exceed Entertainment, the talent management firm that helped broker the deal, has worked with MJIPL before and was characteristically direct about what makes Arora an unusually bankable partner.
“Building celebrity-led brands requires a delicate balance of authenticity and market viability. Malaika is a rare talent who commands equal respect as a fashion icon and a savvy businesswoman. We are proud to facilitate this partnership that brings together her creative clout and Myntra’s brand-building excellence,” said Zaidi
Celebrity fashion brands live or die on one question: does the star actually wear it, or is the cheque the only thing they signed? Arora, who has spent three decades as one of Bollywood’s most-watched style references, has at least built a plausible case. Maejoy is live now on www.myntra.com and the Myntra app. The real test, whether shoppers buy the handbag or just the hype, starts today.
