Pune experienced a significant surge in office leasing during the first half of 2025, driven by Global Capability Centres and flex space operators. Leasing reached 38–51 lakh sq ft, with GCCs alone accounting for 15 lakh sq ft in Q2. Despite rising vacancies from new supply, rents climbed 3% to ₹77/sq ft.
Pune’s office leasing market experienced significant growth in the first half of 2025, marking one of the strongest periods in recent years. According to multiple reports, leasing activity touched between 38 lakh and 51 lakh sq ft during January to June, with the April–June quarter alone accounting for nearly 30 lakh sq ft.
A key driver of this growth has been the aggressive expansion of Global Capability Centres (GCCs), which have transformed Pune into a strategic tech hub for multinational companies. In Q2 2025, GCCs leased approximately 15 lakh sq ft, up sharply from 2.5 lakh sq ft in Q1. The jump underscores the rising preference for future-ready, tech-enabled workspaces.
“India’s office market has not only sustained but accelerated the momentum built in 2024, propelled by the expansion of GCCs, the resurgence of third-party IT service providers, and the growing demand for flexible workspaces,” said Shishir Baijal, CMD of Knight Frank India.
The spike in leasing comes despite global headwinds. Peush Jain, MD of commercial leasing at Anarock, attributed the increased activity by GCCs in part to geopolitical uncertainty and policy shifts in the US. With India offering talent, cost efficiency, and infrastructure, global firms are choosing to scale their operations here.
At the same time, Pune’s office supply pipeline saw a significant boost. Between January and June, the city added 88 lakh sq ft of new office space—a 264% rise year-on-year. Much of this supply originated from completed projects in key locations, such as Kharadi. While the new inventory led to a slight increase in vacancies, demand remained strong, and average rentals rose by 3% to ₹77 per square foot.
Flex space operators also played a significant role in Pune’s commercial surge. Large block deals were closed across micro-markets, including Kharadi, Mundhwa, Balewadi, and Wakad. The continued interest in flexible workspaces reflects evolving preferences of enterprises seeking agility and scalability in their real estate footprint.
The activity pattern also signals a broader trend—Pune is no longer just a backup tech city but a mainstream destination for high-value operations. The mix of GCCs, IT services, and flex players in large, premium buildings is reshaping the commercial real estate landscape in the city.
With robust leasing, expanding infrastructure, and rising investor confidence, Pune’s office market is on track to remain a key contributor to India’s flexible and managed workspace growth story in 2025 and beyond.
