India’s office market is poised to hit a record-breaking 90+ million sq ft in gross leasing this year, says Cushman & Wakefield. The surge is fueled by GCC expansions, robust demand from the tech and BFSI sectors, and strong domestic momentum, despite dips in some key cities, such as Bengaluru and Mumbai.
India’s office leasing activity is on track to set a new record in 2025, crossing 90 million sq ft across the top 8 cities, according to a fresh outlook by Cushman & Wakefield.
This would surpass the previous high of 89 million sq ft clocked in 2024 and mark a strong rebound for a sector that had stumbled during the pandemic.
“With H1 2025 gross leasing now at about 42 million square feet, the sector is firmly on track to surpass 90 million square feet of annual leasing activity, a new benchmark and a reaffirmation of sustained occupier confidence,” said Cushman & Wakefield in its latest report.
The top drivers? India’s solid economic fundamentals, consistent demand from Global Capability Centres (GCCs), and continued interest from tech, BFSI, and engineering companies. Notably, GCCs alone contributed 27% of all leasing in the first half of 2025—a record share that highlights their pivotal role in shaping India’s office market.
Anshul Jain, CEO for India, SEA & APAC Tenant Representation at Cushman & Wakefield, noted that India continues to outpace global markets. “Our forecast of more than 90 million square feet of gross leasing this year reflects the sector’s structural strength… particularly as we see sustained growth in sectors like technology, BFSI, and engineering,” he said.
City-level trends, however, paint a mixed picture. Pune (+67%), Chennai (+22%), and Delhi-NCR (+14%) saw year-on-year growth in leasing volumes during January to June. However, other key metros, such as Bengaluru (-20%), Mumbai (-7%), Hyderabad (-6%), Kolkata (-22%), and Ahmedabad (-33%), also experienced declines.
Veera Babu, Executive Managing Director, Tenant Representation at Cushman & Wakefield, pointed out a supply-side constraint: “The growth is being fuelled by a convergence of trends, expansion of existing occupiers, rapid scaling of GCCs, and entry of new domestic and global firms. However, office supplies are lagging in core locations, creating a landlord’s market.”
That supply-demand gap is already pushing up rents and driving pre-commitments, especially in prime micro-markets. “Occupiers looking for high-quality space need to act early,” Babu advised.
The momentum is also evident in the flexible workspace segment. Shesh Rao Paplikar, Founder & CEO of BHIVE Workspaces, highlighted that “the growing demand for managed flexible office space is also driving the leasing activities.” Darshan Govindaraju, Executive Director at Vaishnavi Group, added that “MNCs are investing heavily to tap into India’s large talent pool,” further boosting demand for Grade A office spaces.
As India cements its global reputation as a strategic business hub, 2025 is shaping up to be a defining year for the country’s office space sector. From co-working operators to global firms, the demand trend signals long-term confidence in India’s commercial real estate ecosystem.
