India’s commercial real estate map is undergoing a powerful shift as nine emerging cities collectively command 70 million sq. ft. of Grade A office stock and 80 million sq. ft. of logistics infrastructure, according to JLL’s latest report “Beyond the Metros: Insights into India’s Emerging Real Estate Stars.”

With a combined GDP of ₹9.9 trillion, cities such as Chandigarh Tricity, Jaipur, Lucknow, Indore, Nagpur, Coimbatore, Kochi, Bhubaneswar, and Guwahati are fast emerging as regional growth champions—driving corporate expansion, reshaping location strategies, and redefining India’s next wave of real estate opportunity beyond the metros.

Regional growth champions emerge across India

Northern powerhouses lead expansion

From the northern region, Jaipur and Lucknow are witnessing exceptional corporate traction. Jaipur, historically a hub for tourism, jewelry, and garment industries, has evolved into a technology destination with major IT companies. The city’s improved connectivity through its international airport and the new Delhi-Mumbai Expressway, combined with its robust talent pool from coaching hubs and fresh graduates, positions it for strong growth across residential, retail, and warehousing sectors.

Lucknow, as Uttar Pradesh’s capital, leverages excellent infrastructure and progressive leadership to attract industrial investments, including defense manufacturing. The city anticipates robust commercial inventory over the next 3-4 years. The formation of a State Capital Region (SCR) encompassing Lucknow and five adjoining districts, modeled on Delhi’s NCR, will drive unprecedented growth.

Southern innovation hubs scale new heights

Coimbatore, dubbed the “Manchester of South India,” stands as the state’s second-largest city by GDP, manufacturing, and IT output after Chennai. This fast-growing Tier-II destination offers immense talent availability across sectors while maintaining the safest environment for women employment. The city’s rapid infrastructure development includes metro rail, outer ring road, and smart city initiatives, supported by the state’s latest approved master plan. Its strengths in hospitality, education, medical tourism, and manufacturing create a comprehensive business ecosystem.

Kochi demonstrates unique connectivity advantages with all transportation modes including India’s first trans-shipment facility at Vallarpadam Terminal. As India’s primary internet gateway hosting international undersea cable systems, Kochi provides high-speed connectivity at lower operational costs. The world’s largest electric boat metro system and Phase 2 metro rail construction connecting CBD to Infopark underscore its infrastructure leadership.

Eastern transformation centers drive regional growth

Bhubaneswar emerges among India’s most progressive Smart Cities, anchored by a strong education ecosystem including IIT, AIIMS, and NISER. High livability, safety, and governance rankings strengthen its appeal to occupiers and investors.

Guwahati functions as the economic gateway to eight northeastern states and the India-ASEAN trade corridor. Strong infrastructure expansion through Bharatmala highway projects, airport expansion, and logistics parks at Amingaon and Changsari, supported by Assam’s Industrial and Investment Policy, attracts warehousing, FMCG, and e-commerce operators. The city’s regional logistics hub status drives Grade A warehousing and organized retail absorption.

Western emerging markets present compelling business cases

Western emerging markets have established themselves as strategic business destinations by delivering a unique combination of competitive advantages that directly address corporate priorities. These markets offer exceptionally competitive real estate pricing that significantly reduces operational overhead while providing access to abundant talent pools that can be sourced with greater ease than in saturated metro markets.

Key business benefits across markets

Western emerging markets particularly highlight competitive real estate pricing, talent availability, lower attrition rates, proximity to domicile homes enabling better quality of life with enhanced savings, and evolved infrastructure development.

The data reveals a compelling value proposition: companies achieve 25-50% savings across real estate, talent, and operational costs compared to established markets, while experiencing attrition rates up to 15% lower than metro counterparts. This translates to immediate bottom-line impact for businesses seeking operational efficiency and talent retention.

Surekha Bihani, Senior Managing Director – East and Emerging Markets, India, JLL said, “Our client discussions have fundamentally shifted from cost savings to business priorities like operational resilience and attracting top talent. Companies now recognize that the enhanced quality of life in these cities is a key differentiator for attracting and retaining employees, as evidenced by attrition rates that are up to 15% lower. Paired with 20-35% in talent cost savings, the business case is undeniable. This directly fuels demand for Grade A, ESG-compliant commercial spaces and integrated townships. For any business serious about long-term growth in India, a presence in these hubs is now essential.”

Growth archetype analysis drives asset allocation

Dr. Samantak Das, Chief Economist and Head of Research and REIS, JLL India, added, “This is a structural rebalancing of India’s economic geography. With a combined GDP of over INR 9.9 trillion and more than 70 million sq. ft. of Grade A office stock, these nine cities are not just future promises; they are established economic forces. Our analysis of their growth patterns provides a sophisticated lens for asset allocation, transforming the question from ‘which city is best?’ to ‘which city archetype best fits my investment thesis.” This data-driven approach is crucial for outsized performance.”

Strategic recommendations by sector:

The strategic imperative across stakeholder groups reflects the data-driven opportunity within this INR 10 trillion economic base: occupiers can implement multi-tier location strategies to capture quantified talent advantages of 20-35% cost savings and 15% lower attrition rates, while investors should target higher yields and capital appreciation in these pre-maturity markets backed by over 25 million consumer base driving over 26 million sq. ft of organized retail demand, and developers can focus on Grade A, ESG-compliant integrated townships meeting global occupier standards, supported by proven corporate adoption across 70 million sq. ft of existing premium office inventory. The research positions these nine cities not as alternatives to established markets, but as essential components of a comprehensive India strategy, backed by measurable economic fundamentals.