Pune is consolidating its position as one of India's top IT and business centers. A new report by real estate advisory firm JLL, in partnership with NAREDCO, reveals that IT exports from the city have doubled over the past five years to ₹1.05 lakh crore. This achievement has made Pune the country's third-largest software export center, while also increasing demand for real estate and GCCs.

The report underlines that Pune now accounts for 13% of India's future 'Grade A' office space pipeline, with 223 million sq. ft envisaged by 2028. Currently, the city boasts 89.2 million sq. ft of Grade A office space that is operational, firmly putting it on the map as a commercial real estate destination.

Pune's diversified economy contributes to its strength. While IT contributes almost 23% of the city's GDP, manufacturing is still thriving across MIDC clusters. More than 360 GCCs in the banking, manufacturing, and technology sectors are present in the city, generating employment and consolidating its position as a well-balanced growth market.

Office leasing continues to be Pune's largest strength. Grade A office space is available at an average of ₹82.3 per sq. ft per month—14% less than the national average. "Besides competitive rates, Pune also has the advantage of lesser congestion and good connectivity, which makes it a preferred location for businesses," stated Sanjay Bajaj, Senior Managing Director at JLL India.

Upgrades to infrastructure are further enhancing the city's attractiveness. Improved road networks and widening metro lines are enhancing connectivity between residential, commercial, and industrial zones. "These connectivity improvements are making the urban experience seamless, which is essential for sustaining workforce growth and real estate demand," opined Dr. Samantak Das, Chief Economist and Head of Research & REIS at JLL India.

With almost 4 lakh fresh jobs anticipated in the coming five years, demand for office and housing alike is likely to increase exponentially. Sustainability will also be a top consideration, with 97% of fresh office space added in the next three years likely to be green-certified.