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Indian Office Market Hits Record Highs
Net office space leasing across India's top eight cities reached an all-time high of 61.4 million sq ft in 2025, marking a significant 25% increase from the 49.1 million sq ft leased in 2024. This robust performance signals strong underlying demand from both domestic and international corporations.
The growth trajectory is underpinned by fundamental market strengths. Anshul Jain, Chief Executive of India, SEA, MEA & APAC Office and Retail at Cushman & Wakefield, noted that this performance reflects more than just record numbers. He projected continued strong demand through 2026, fueled by the expansion of Global Capability Centres (GCCs) and increasing technology adoption.
City Performance Varies
Major business hubs experienced substantial gains. Delhi-NCR saw an impressive 82% surge in net leasing, reaching 10.9 million sq ft, up from 6 million sq ft in 2024. Chennai's market nearly tripled, leasing 7 million sq ft compared to 2.4 million sq ft the previous year. Pune also posted strong growth, with leasing up 65% to 8.2 million sq ft. Bengaluru, the largest market, saw a marginal increase to 14.4 million sq ft.
However, some financial and industrial centers faced headwinds. Mumbai, India's financial capital, experienced a 12% decline in office demand, leasing 9.6 million sq ft versus 10.9 million sq ft in 2024. Kolkata saw a 5% dip, and Ahmedabad recorded a 28% decrease in net leasing.
Gross Leasing and New Supply
Overall leasing activity, known as gross leasing, also hit a new peak of 88.7 million sq ft in 2025, a slight increase from 88 million sq ft in 2024. This figure encompasses all leasing transactions, including new deals, renewals, and pre-leases. Concurrently, new office supply rose by 17% to approximately 53 million sq ft, indicating developers' confidence in sustained market demand.