India’s office market recorded its strongest nine-month leasing performance on record, with 66.4 million sq ft absorbed across nine major cities in January-September 2026. GCCs drove much of the demand, while flexible workspace, BFSI and technology occupiers also remained active. New supply also reached a record 51 million sq ft.
Office leasing across Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Pune, Chennai, Kolkata, Ahmedabad and Kochi was 8% higher than in the same period last year, according to CBRE. The 9M figure has already reached nearly 80% of the total leasing recorded in 2025.
The July-September quarter added around 21 million sq ft of absorption, up 6% year-on-year. Global Capability Centres (GCCs) remained a major contributor, leasing about 28 million sq ft during the first nine months, a 16% increase from a year earlier. They accounted for roughly 42% of total office absorption.
GCC leasing reached around 8.7 million sq ft in the September quarter. Hyderabad led with 37% of quarterly GCC demand, followed by Bengaluru at 28%. Chennai and Delhi-NCR each contributed 11%, while Pune and Mumbai accounted for 7% and 5%, respectively.
Hyderabad Leads Quarterly Office Absorption
Hyderabad recorded the highest office absorption in the third quarter at approximately 5.3 million sq ft. Bengaluru followed with 4.9 million sq ft, while Delhi-NCR recorded 4.4 million sq ft. Together, the three markets accounted for about 69% of quarterly leasing.
Mumbai recorded around 2.6 million sq ft, followed by Chennai at 1.9 million sq ft and Pune at 1.4 million sq ft.
Hyderabad also led new supply during the quarter, adding approximately 10.2 million sq ft. Bengaluru added 3.9 million sq ft and Pune 2.7 million sq ft, highlighting the continued importance of established employment and commercial hubs.
Flexible Workspace Remains a Major Occupier
Demand was not limited to GCCs and technology companies. Flexible workspace operators accounted for 24% of quarterly leasing, followed by BFSI companies at 22% and technology occupiers at 15%.
Domestic companies remained the largest source of overall demand, contributing around 46% of leasing during the first nine months. American occupiers also increased their presence, accounting for 38% of quarterly activity, while EMEA-based companies contributed 13%.
GCCs were particularly important in large-format transactions. They accounted for 59% of deals exceeding 100,000 sq ft during the third quarter, reinforcing their role in driving demand for larger office facilities.
Record Supply Meets Demand for Quality
Developers added around 51 million sq ft of new office space during the first nine months, an 18% year-on-year increase. Third-quarter completions alone reached about 19 million sq ft, up 26% from the previous year.
Hyderabad, Bengaluru and Pune accounted for roughly 73% of supply added during the first nine months. Quality is also becoming a stronger factor in occupier decisions. Green-certified buildings represented about 80% of quarterly completions and around 82% of leasing activity.
More than half of the new supply added during both the quarter and the nine months comprised premium Grade A+ assets. The combination of record leasing, strong GCC expansion and rising demand for high-quality workplaces leaves India’s office market on a strong footing as it enters the final quarter of 2026.
