India, July 14 -- For much of the past two decades, India's commercial real estate story revolved around a familiar set of cities. Bengaluru, Mumbai, Delhi-NCR, Hyderabad, Pune and Chennai dominated office demand, attracted multinational occupiers and defined the country's Grade-A office market. For investors looking to own a stake in India's growth through premium commercial assets, these were the only addresses that truly mattered.

That map is now being redrawn.

The shift is already visible in the leasing data. Office demand is no longer confined to India's largest metros and is expanding rapidly into smaller cities. Industry data show that office leasing in Tier-2 cities nearly doubled year-on-year in FY25, while JLL reported a 43% y...