India’s office market logs fifth consecutive quarter with 20+ MSF of GLV, poised for a record-breaking year with projected lease volumes to surpass 90 MSF by year-end.
The second quarter of 2025 continued to reflect the resilience and strength of India’s office market, with sustained leasing momentum and robust occupier demand across major cities. Despite global economic uncertainties, particularly stemming from US tariff policies, the Indian office sector remained largely unaffected, highlighting its strength and continued support provided by healthy occupier sentiments.
Key Highlights from Q2 2025
- 21.4 MSF of gross leasing volume (GLV) was recorded in top 8 cities in Q2 2025; a 5.4% growth on a quarterly basis though a marginal 0.8% decline as compared to the same period last year.
- Bengaluru led pan-India GLV in Q2, accounting for 23% share, followed by Delhi NCR, Mumbai and Pune with shares of 22%, 18% and 15%, respectively.
- IT-BPM accounted for the highest share (34%) in quarterly leasing, followed by flexible operators and engineering & manufacturing with 18% and 15% shares, respectively. BFSI accounted for 11% of quarterly GLV.
- 12.5 MSF of new completions were recorded in Q2 2025 with Pune and Bengaluru contributing around 38% and 24% respectively, followed by Chennai (10%).
- Net absorption in Q2 2025 stood at 13.5 MSF, a 19% growth on an annual basis though a 6% decline as compared to the previous quarter.
Read the report to gain in-depth insights into leasing trends, occupier trends, supplier trends and more.
