India’s office real estate market sustained strong growth momentum in Q3 2025, with leasing activity reaching 19.9 million sq. ft., pushing year-to-date absorption to 59.6 million sq. ft. — the highest level ever recorded for the first nine months of a year.
The robust expansion was led by domestic corporates and global firms scaling their Global Capability Centres (GCCs) across key Indian cities. New supply also stood firm at 13.6 million sq. ft., underscoring developer confidence in sustained occupier demand.
Regional Performance Highlights
According to CBRE’s India Market Monitor, Bengaluru, Delhi-NCR, and Mumbai emerged as the top-performing cities in Q3 2025.
- Bengaluru: 15.1 mn sq. ft. absorption
- Delhi-NCR: 10.2 mn sq. ft.
- Mumbai: 10.6 mn sq. ft.
Other major contributors included Pune (7.5 mn sq. ft.), Hyderabad (6.5 mn sq. ft.), and Chennai (7.1 mn sq. ft.), reflecting a pan-India growth trend across all major business hubs.
Key Sectors Driving Leasing Activity
- Technology: 24% share
- Flexible Space Operators: 21%
- Engineering & Manufacturing: 15%
- Research, Consulting & Analytics: 10%
- Banking, Financial Services & Insurance (BFSI): 7%
- FMCG & Retail: 6%
- Life Sciences: 4%
Domestic corporates accounted for 46% of total leasing, while American corporates contributed 33%, followed by EMEA (19%) and APAC (2%) companies.
Resilient Growth Amid Global Shifts
India’s office market continues to remain resilient despite global uncertainties and evolving geopolitical dynamics, including the U.S. H-1B visa policy changes.
The sustained growth is driven by:
- Portfolio expansion and workplace optimisation
- Flight to quality — demand for premium, sustainable office spaces
- Expansion of GCCs as innovation hubs
With strong fundamentals and a thriving talent ecosystem, India remains one of the most attractive destinations for global occupiers and investors alike.
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