Tier-2 Cities Take Centre Stage in India’s Commercial Real Estate Growth: Mukesh Choudhary of Accuspace

Tier-2 cities are increasingly taking centre stage in India’s commercial real estate growth, driven by rising office demand, GCC expansion, managed spaces and the rapid evolution of warehousing and logistics. Jaipur, in particular, is emerging as a key market, supported by its strategic location, improving infrastructure, expanding occupier base and cost advantages. 

As businesses look beyond traditional Tier-1 markets, cities such as Jaipur are steadily evolving into important commercial and regional distribution hubs. Mukesh Choudhary, MD, Accuspace shares his outlook on the opportunities shaping India’s next phase of commercial real estate growth.

How do you see office demand evolving amid the rise of GCCs and managed spaces?

Office demand in India’s top cities have witnessed a massive post-pandemic revival with record leasing, rising rentals and falling vacancies. The growth in GCCs and managed spaces, which have led the bulk of office leasing across top cities, continues to display strong momentum as domestic and global occupiers have shown confidence in India’s growth story, its talent ecosystem and business environment. 

While top metros have witnessed strong momentum, this trend is being reflected in tier 2 cities as well, with office demand in markets like Jaipur, Coimbatore, Kochi, Indore, Lucknow etc. recording strong growth as GCCs and flex players expand their presence in view of cost advantages and talent availability.

How is warehousing demand evolving in Tier-2 cities, particularly Jaipur?

Sustained demand from manufacturing, third party logistics (3PL), e-commerce and allied sectors have played a key role in India’s warehousing market, reflecting confidence in India’s role in the global supply chain network.

Tier II cities, though at a nascent stage, have emerged as important warehousing markets as occupiers look beyond the traditional markets. Owing to improving infrastructure, availability of workforce, cost competitiveness, an expanding consumer base, proximity to industrial bases and their role as regional distribution hubs make these cities an attractive option for companies.

Jaipur, as the third highest transacting secondary market, according to Knight Frank, saw 1.3 million sq. ft. annual warehousing transaction in 2025, behind Lucknow and Surat. The demand drivers remain manufacturing, retail and e-commerce. 

The city’s strong road connectivity, fairly good industrial activity and diversified occupier base positions it as a market to look out for. The city is slowly but steadily moving towards more organised and scalable warehousing developments.

What are Accuspace’s growth plans across the office and warehousing segments?

The company was founded in 2021 carrying forward the legacy of its parent company BSM Group. With a vision to redefine commercial real estate in India, the company has developed and acquired more than a million square feet of commercial real estate which includes industrial, warehousing, office building and holds leading market share in A Grade commercial real estate in Jaipur. 

With an impressive portfolio of blue-chip tenants, Accuspace has registered significant growth over the past 5 years. We plan to develop over 20 million sq. ft. of commercial space by 2030. We are committed to ensuring a seamless experience for both investors and tenants, delivering high-performance assets that promise long-term profitability and sustainable success.

Following your entry into Gurugram, what are your expansion plans in the Delhi-NCR market?

We acquired a 30,000 sq. ft. Grade A office space from a Singapore-based fund on NH-8 in Gurugram last year to expand our rent-yielding commercial asset portfolio. Partnering with esteemed tenants of global standing validates our commitment to delivering world-class commercial real estate solutions. This acquisition has set the stage for further expansion into Tier 1 markets. 

The real estate market in Delhi-NCR continues to witness strong demand for premium office spaces. With this acquisition, we also aim to contribute to the region’s evolving commercial real estate landscape, offering state-of-the-art infrastructure to global and domestic enterprises.