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Office leasing in India reached record levels last year, with net absorption hitting 61.4 million sq ft across eight key cities, up 25 per cent from 2024, according to Cushman & Wakefield. Growth was led by Bengaluru, Delhi-NCR, Pune, Hyderabad, and Chennai, while Mumbai, Kolkata, and Ahmedabad saw a decline. Gross leasing also set a record at 88.7 million sq ft, and new office supply increased 17 per cent. Experts project continued strong demand in 2026, fueled by global capability centre expansions and wider technology adoption.
Net leasing of office spaces across eight major Indian cities rose 25 per cent last year, reaching a record 61.4 million sq ft, driven by strong demand from both domestic and overseas companies, according to real estate consultant Cushman & Wakefield. In comparison, net leasing in these cities stood at 49.1 million sq ft in 2024. Net absorption, or the net change in office space occupied during the year, reflects the overall market uptake. Advertisement
Cushman & Wakefield's latest data shows that office leasing grew significantly in Bengaluru, Hyderabad, Pune, Delhi-NCR, and Chennai, while Mumbai, Kolkata, and Ahmedabad recorded a decline. The firm highlighted that the performance indicates more than just record numbers, suggesting a long-term growth trend supported by strong fundamentals.
Office leasing in Chennai almost tripled last year, rising to 7 million sq ft from 2.4 million sq ft in the previous year. Delhi-NCR saw a sharp increase of 82 per cent, reaching 10.9 million sq ft from 6 million sq ft. Bengaluru, the largest office market, registered a modest increase to 14.4 million sq ft from 14.2 million sq ft. Pune experienced a 65 per cent jump to 8.2 million sq ft from 5 million sq ft, while Hyderabad grew 15 per cent to 9.1 million sq ft from 7.9 million sq ft.
On the other hand, Mumbai, India's financial hub, saw a 12 per cent decline in demand to 9.6 million sq ft from 10.9 million sq ft. Kolkata's leasing dipped by 5 per cent to 1.4 million sq ft from 1.5 million sq ft, and Ahmedabad recorded a 28 per cent fall to 0.8 million sq ft from 1.2 million sq ft.
Cushman & Wakefield also reported that gross office leasing, which includes fresh take-ups, open market renewals, and pre-leasing, reached an all-time high of 88.7 million sq ft in 2025, slightly up from 88 million sq ft in the previous year. New supply of office spaces grew by 17 per cent to around 53 million sq ft during the same period.
The consultancy expects office demand to remain strong in 2026, largely driven by the expansion of global capability centres in India and increasing adoption of technology across industries.
Source PTI
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