Pune MarketBeat Reports

Pune’s office market witnessed healthy leasing momentum in Q1-2026, recording a gross leasing volume of ~2.09 MSF, supported by strong demand from Global Capability Centres. GCCs dominated leasing with a 69% share, reinforcing Pune’s position as a preferred destination for global enterprises. Sector-wise IT-BPM dominated, followed by engineering, manufacturing and BFSI firms. Leasing activity remained concentrated in SBD East and PBD West submarkets. Office rentals edged up modestly on a quarterly basis and rose 3.5% y-o-y, reflecting sustained occupier preference for high quality Grade A office assets across key business corridors.

Pune recorded retail leasing of ~0.18 MSF in Q1-2026, supported by strong growth on high streets, which contributed half of the total leasing. Demand was driven by department stores, fashion and F&B across key corridors. Mall leasing stood at ~0.09 MSF, declining q-o-q, amid limited Grade A availability. With no new supply, mall vacancy tightened to 5.11%. Rentals remained range-bound quarterly, while annual growth across high streets and malls reflected sustained demand for quality retail spaces.

Pune recorded 11,371 residential unit launches in Q1 2026, reflecting sustained market strength with an 8.2% y-o-y rise despite a minor 2.3% q-o-q adjustment. NH4 Bypass (North) led the dynamic market with a 33% share, followed by strong contributions from North Peripheral and Aundh-Baner at 11% each. The mid-segment continued to dominate new supply with a 46% share, alongside healthy activity in high-end and luxury (38%) and growing affordable housing primarily in North Peripheral corridor (10%). Weighted average capital values adjusted slightly by 0.6% q-o-q to INR 12,228 per sq. ft., creating strategic buyer opportunities. Meanwhile, rentals grew steadily by 1-2% q-o-q and 3-5% y-o-y, supported by robust IT/ITeS demand across Hinjewadi, Kharadi, and Nagar Road.

Pune recorded 1.6 MSF of warehouse leasing in H2 2025, supported by strong 3PL demand (65%) and activity across established hubs, led by Chakan (43%), followed by Ranjangaon and Wagholi. Annual warehouse take-up reached ~3 MSF, anchored by 3PL and Engineering & Manufacturing firms. Industrial leasing remained strong at 2.7 MSF, driven by robust E&M expansion across Chakan, Talegaon and Pirangut. Land values rose 32–35% YoY, reflecting sustained demand and infrastructure upgrades.

Cushman & Wakefield India Capital MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.