India's office leasing hits record 59.6 mn sq. ft from January to September

New Delhi, Oct 6 (IANS) India’s office leasing market achieved a record performance in the first nine months of 2025, with the absorption hitting 59.6 million square feet, a report said on Monday.

Technology companies held the highest share in office leasing between January and September, said the report from real estate consultancy CBRE South Asia Pvt. Ltd.

“As occupiers seek future-ready spaces, sustained preference for flight-to-quality assets continues to anchor this momentum. The sustained leasing in premium assets is expected to drive vacancy compression and occupiers are likely to continue exploring peripheral locations, driven by the infusion of high-grade supply,” said Anshuman Magazine, Chairman and CEO, India, South-East Asia, Middle East & Africa at CBRE.

Bengaluru topped the market with 25 per cent of leasing, totalling 15.1 million square feet. Mumbai and Delhi-NCR followed with 10.6 million and 10.2 million square feet, respectively. Together, these three markets accounted for approximately 61 per cent of total absorption, according to the report.

Global capability centres accounted for nearly 39 per cent of leasing in the nine-month period, with Bengaluru, Pune, and Delhi-NCR capturing 67 per cent of GCC take-up, according to the report.

Technology companies were followed by flexible space operators and financial services, collectively representing about 60 per cent of demand.

Ram Chandnani, Managing Director, Leasing, CBRE India, said that GCCs would remain pivotal to office absorption, accounting for 35-40 per cent of total leasing in 2025.

“Established players might continue taking up space in large integrated tech parks, while new entrants are expected to leverage flexible spaces. While US firms currently dominate the GCC landscape, rising interest from EMEA and APAC occupiers is anticipated to widen the demand base,” he added.

During the first nine months of this year, the supply rose 10 per cent year-on-year to 41 million. sq. ft. It was led by Pune, Bengaluru, and Delhi NCR, with a combined share of 66 per cent, the report noted.

--IANS

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