India’s office market continued its strong performance in the third quarter of 2025, marking the sixth consecutive quarter with over 20 MSF of gross leasing volume (GLV). Despite global uncertainties, including US tariff and visa policy changes, the market remained resilient, driven by robust occupier confidence and expansion by both domestic and global firms.
Key Highlights from Q2 2025
- 22.6 MSF gross leasing volume (GLV) in top 8 cities in Q3 2025; a 7% growth on a quarterly basis though a marginal 3.0% decline as compared to the same period last year.
- Delhi NCR led pan-India GLV in Q3, accounting for 22% share, followed by Bengaluru and Mumbai with 20% each, followed by Chennai with a 13% share.
- IT-BPM accounted for highest share (31%) in quarterly leasing, followed by engineering & manufacturing and BFSI with 18% and 14% shares, respectively. Flex operators accounted for 11% of quarterly GLV.
- 14.1 MSF of new completions were recorded in Q3 2025 with Bengaluru and Delhi NCR contributing around 25% and 23% respectively, followed by Pune (19%).
- Net absorption in Q3 2025 stood at 16.3 MSF, a 35% growth on an annual basis and a 21% expansion on a quarterly basis.
Read the report to gain in-depth insights into leasing trends, occupier trends, supplier trends and more.