India’s office market delivered a standout Q4-2025, posting the second-highest quarterly gross leasing volume (GLV) ever. Leasing momentum remained broad-based, supported by large deals from global multinationals, steady domestic demand, and continued expansion by GCCs and flex operators. Strong completions also added depth to Grade A supply, while vacancies tightened and rentals continued to firm up across key markets.
Key Highlights from Q4 2025
- 24.7 MSF gross leasing volume (GLV) across the top 8 cities in Q4 - 8% higher q-o-q and 4% higher y-o-y.
- Bengaluru led with 31% share, followed by Hyderabad (22%) and Mumbai (17%).
- IT-BPM drove quarterly demand with 25% share, while flex operators (22%) recorded their highest-ever activity.
- BFSI and Engineering & Manufacturing contributed 15% and 14%, respectively.
- 15.3 MSF of new completions, led by Hyderabad (36%), followed by Bengaluru (18%) and Pune (16%).
- Net absorption stood at 15.7 MSF, reflecting continued office space expansion by GCCs and large occupiers.
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