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India’s commercial office market posted its highest-ever leasing activity in the first nine months of 2025, with gross absorption reaching 59.6 million sq. ft., according to CBRE’s latest report.
CBRE South Asia Pvt. Ltd, India’s leading real estate consultancy, today released a report titled, ‘CBRE India Office Figures Q3 2025’, highlighting that the office leasing reached 59.6 million square feet (mn. sq. ft.) in the first nine months of 2025—the highest ever during this period. The report added that technology companies held the highest share in office leasing between January and September.
“This record-breaking performance reflects the resilience and evolving dynamics of India's commercial real estate sector,” said Anshuman Magazine, Chairman & CEO, India, South-East Asia, Middle East & Africa at CBRE. “As occupiers seek future-ready spaces, sustained preference for flight-to-quality assets continue to anchor this momentum. Going forward, the sustained leasing in premium assets is expected to drive vacancy compression and occupiers are likely to continue exploring peripheral locations, driven by the infusion of high-grade supply.”
According to the report, Bengaluru emerged as the frontrunner in the office space absorption during Jan–Sept 2025, accounting for 25% of the total with 15.1 mn sq. ft. leased. Mumbai and Delhi-NCR followed with 10.6 mn sq. ft. and 10.2 mn sq. ft. respectively, together representing 61% of overall leasing.
Global Capability Centres (GCCs) continued to be the main drivers of office demand during Jan–Sept 2025, accounting for almost 39% of total leasing. Bengaluru, Pune, and Delhi-NCR together accounted for 67% of GCC leasing.
Among sectors, technology firms led leasing activity, followed by flexible space operators and BFSI companies. These three sectors collectively accounted for 60% of total leasing in 9M 2025.
Ram Chandnani, Managing Director, Leasing, CBRE India, said that GCCs would remain pivotal to office absorption, “accounting for 35–40% of total leasing in 2025.”
During Q3 2025 alone, office leasing stood at 19.9 mn sq. ft., with supply at 13.6 mn sq. ft. Bengaluru led absorption with 22%, followed by Mumbai (20%) and Delhi-NCR (19%). GCCs leased 7.5 mn sq. ft. in Q3, representing 38% of total leasing—Bengaluru led with 38%, followed by Pune (25%) and Hyderabad (15%).
As demand for quality spaces rises, developers are responding with green-certified, amenity-rich campuses aligned with the ‘flight-to-quality’ strategy. Supply rose 10% YoY to 41 mn sq. ft. in 9M 2025, led by Pune, Bengaluru, and Delhi-NCR (66% combined share).
“The current year is expected to conclude with a consistent pipeline of high-quality office stock, with Bengaluru, Hyderabad, and Delhi-NCR at the forefront,” Magazine added.
