India’s office market remained resilient in Q2 2026, with gross leasing volumes of ~21.4 MSF across the top eight cities despite global economic uncertainty. Strong demand from GCCs, IT-BPM firms and flexible workspace operators continued to support occupier activity, while fresh leasing and select pre-commitments sustained market momentum.
Bengaluru led leasing activity, followed by Mumbai and Delhi NCR. Robust demand helped keep net absorption stable at ~11.6 MSF, while vacancies continued to edge lower. New Grade A office completions rose to ~12.2 MSF, enhancing market depth across key cities. Office rentals continued to appreciate, reflecting sustained demand for quality commercial real estate assets.
Key Highlights from Q2 2026
- Gross leasing volume stood at 21.4 MSF across the top 8 cities
- Bengaluru led leasing activity with a 26% share, followed by Mumbai and Delhi NCR at 19% each
- IT-BPM remained the largest demand driver with a 22% share, followed by flex operators (20%), engineering & manufacturing (17%) and BFSI (16%)
- New Grade A office completions stood at 12.2 MSF, led by Bengaluru, Pune and Ahmedabad
- Net absorption stood at 11.6 MSF, supported by sustained occupier demand and GCC expansion
