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NEW DELHI: India’s office market experienced significant growth in 2025, achieving 56.8 million sq ft of gross absorption across its top six cities within the first nine months, as reported by Savills India.
The impressive growth was primarily driven by Global Capability Centres (GCCs), which represented over 30% (5.9 million sq ft) of the total leasing activity. Other sectors such as IT-BPM, BFSI, and flexible workspaces also showed sustained demand.
The report noted a 9.6% increase in new supply year-on-year, reaching 35.4 million sq ft, alongside a decrease in the overall vacancy rate to 14%, indicating healthy occupier interest and a gradual tightening of supply in prime micro-markets. It forecasts that total leasing could exceed 75 million sq ft by the end of 2025.
“While occupiers are approaching the evolving market with caution, we foresee ongoing strong demand from international companies for Grade A office spaces, with total absorption anticipated to near 75 million sq ft by year-end,” said Naveen Nandwani, Managing Director of Commercial Advisory and Transactions.
Broad-Based Leasing Momentum
In Q3 2025 (July–September), India saw office absorption of 17.9 million sq ft—a 24% decline from last year, attributed to a high baseline. Delhi-NCR led with five million sq ft, followed by Bengaluru (3.9 million sq ft) and Pune (2.8 million sq ft).
The technology sector accounted for 33% of all transactions, while flexible workspace operators and BFSI occupiers contributed 15% and 13%, respectively. Notably, large transactions (≥100,000 sq ft) made up 42% of total leasing, reflecting occupier confidence in long-term growth.
Delhi-NCR and Bengaluru together were responsible for 59% of new completions, amounting to six million sq ft in Q3. GCCs remained the dominant occupier segment, contributing over 30% of total leasing, with Bengaluru, Pune, and Hyderabad accounting for 4.8 million sq ft collectively.
City Performance Overview
Bengaluru
Bengaluru maintained its position as India’s largest commercial leasing hub with 14.6 million sq ft of absorption thus far in 2025. The Outer Ring Road (ORR) and Peripheral East micro-markets led the activity, contributing 40% and 21%, respectively. IT and flex-space occupiers were the primary drivers in Q3, representing 52% and 22% of total take-up.
Delhi-NCR
Delhi-NCR excelled in Q3, recording five million sq ft of gross absorption, including 3.5 million sq ft of fresh take-up and 1.5 million sq ft of pre-commitments. Year-to-date absorption reached 11.8 million sq ft, second only to Bengaluru. Key contributors included IT-BPM (32%) and flexible workspaces (15%).
Mumbai
Mumbai followed closely in third place with 9.1 million sq ft of year-to-date absorption, including 2.4 million sq ft in Q3. The BFSI sector was a significant contributor to leasing activity, along with emerging demand from consulting and flex-space operators.
Hyderabad
Hyderabad recorded a total of 7.5 million sq ft of absorption year-to-date, with 2.7 million sq ft transacted in Q3. Mid-sized deals (25,001–99,000 sq ft) accounted for half of the quarterly leasing volume. The IT-BPM sector led with 33%, followed by Research & Consulting (19%) and Healthcare & Pharma (16%).
Pune
Pune saw a remarkable 38% year-on-year increase in Q3 gross absorption, totaling 6.9 million sq ft year-to-date, driven by growth in the BFSI, IT-BPM, and flexible workspace segments. The city continues to attract GCC expansions looking for cost-effective alternatives to larger metropolitan areas.
Chennai
Chennai also recorded 6.9 million sq ft of year-to-date absorption, reflecting a 4% year-on-year growth. Leasing activity was led by IT-BPM (31%) and Engineering & Manufacturing (25%), highlighting a diverse demand across the city’s southern and western corridors.
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