IntelligentInvestment

IndiaMarketMonitorQ42025

O歷ce

REPORTCBRERESEARCHJanuary2026

O伍ce

India’soficesectorsetnewannualrecordsforbothleasingactivityandsupplyadditionsin2025,

reaching82.6millionsq.ft.and58.9millionsq.ft.,respectively.IntheperiodfromOctobertoDecember(Q4)2025,spaceabsorptionreachedapproximately22.2millionsq.ft.,whilearound16.6millionsq.ft.

ofnewdevelopmentcompletionswererecorded.Thecontinuedexpansionofdomesticcorporates,coupledwithglobalfirmsscalingtheirglobalcapabilitycentres(GCCs),

playedamajorroleinboostingoficespacetake-upacrossmajorcities.

15%

Q-o-QincreaseinoficeleasinginQ42025

~1%

Y-o-Yincreaseinoficeleasingin2025

10%

Y-o-Yjumpindevelopmentcompletionsin2025

10%

Q-o-QjumpindevelopmentcompletionsinQ42025

64%

CumulativeshareofBengaluru,Mumbai,andDelhi-NCRinspacetake-upinQ42025

63%

CombinedshareofHyderabadandBengaluruinsupplyadditioninQ42025

24%

ShareofleasingbytechnologysectorinQ42025

39%

ShareofleasingbyGCCsinQ42025

Thequarterwitnessedrentalgrowthacrossseveralkeymicro-marketsincities,owingtosustainedleasingactivity,continueddemandforhigh-qualityinvestment-gradeassets,anddecliningvacancylevels.InQ42025,quotedrentalsgrewby2-11%inMumbaiacrossCentralMumbai1&2,BKC&BKCPeriphery,WesternSuburbs1&2,andThane;2-7%inChennaiinCBD,Of-CBD,andOMRZone1;2-7%inDelhi-NCRacrossNH-8(beforeRajivChowk),CBD,OldGurgaon,SohnaRoad,GolfCourseRoad,DLFCyberCity,MainNoida,andNoidaExpressway;1-4%inCBD,EBD,ORR,NBD,PBD-W,PBD-OandSouthBengaluruinBengaluru;1-2%inHyderabadacrossITCorridorI&II,andExtendedITCorridor;1-2%inPuneinSBD-KharadiandSBD-West;and3-7%inKochiacrossCBD,OfCBD,EBDandSBD.

Note:Thetrendfortransactedrentalsmaybeinlinewithordivergefromquotedrentalsfordiferentassetsdependingonvariousfactorssuchasassetquality,location,accessibility,

ageoftheasset,spaceavailability,etc.

1CBRERESEARCH|IndiaMarketMonitorQ42025?2026CBRE,INC.

MarketPerformanceinQ42025

OFFICE

IndiaMarketMonitor

82.6mnsq.ft.

Keysectorsthatdroveleasingactivity

Absorption(mnsq.ft.)in2025

Supply(mnsq.ft.)in2025

Absorption(mnsq.ft.)inQ42025

Supply(mnsq.ft.)Q42025

22.2mnsq.ft.

AbsorptioninQ42025

Absorptionin2025

16.6mnsq.ft.

58.9mnsq.ft.

Q42025rentalgrowth(Q-o-Q)

IncreaseStableDecrease

SupplyinQ42025

Supplyin2025

Delhi-NCR

14.1

8.8

4.0

1.6

Kolkata

1.70.2

0.4-

Ahmedabad

0.7

1.1

0.1

0.2

Hyderabad

Mumbai

10.5

11.3

3.9

6.3

15.3

4.8

4.8

1.6

Technology

FlexibleSpace

Operators

24%

shareinQ42025

21%

shareinQ42025

iIServices

Engineering&

Manufacturing(E&M)

13%

shareinQ42025

9%

shareinQ42025

c,ing

LifeSciences

&Logistics

Infrastructure,Realestate

7%

7%

4%

shareinQ42025

shareinQ42025

shareinQ42025

Chennai

Pune

2.1

1.1

9.2

5.5

1.6

1.1

9.1

11.3

Kochi

0.70.2

0.70.5

Bengaluru

21.3

15.0

5.3

4.0

Regionalshareinleasingactivity

Domestic

American

EMEA

APAC

corporates

corporates

corporates

corporates

46%

shareinQ42025

37%

shareinQ42025

12%

sharein

Q42025

5%

sharein

Q42025

Source:CBREResearch,Q42025

PleasenoteIndia’stotalfiguresforoficesupplyandabsorptionmaynotaddupexactlyduetoroundingofdecimals

Note:Thedatapresentedinthisreportwascompiledatthetimeofreportgenerationandmayberevisedinsubsequentquartersasmore

2CBRERESEARCH|IndiaMarketMonitorQ42025informationbecomesavailable.Therefore,thedatashouldbeconsideredasprovisionalandsubjecttoongoingrefinement.?2026CBRE,INC.

3CBRERESEARCH|IndiaMarketMonitorQ42025?2026CBRE,INC.

Outlook

O伍ce

Buildingupontherecord-breakingleasingactivityof2025,India’soficesectorisanticipatedtoexperiencecontinuedmomentumin2026.Despiteglobalgeopoliticalshifts,thesectorremainsresilient,underpinnedbyahealthydevelopmentpipeline,abroadeningoccupierbase,andathrivingGCCmarket.Thismomentumislikelytobesupportedbystronginvestmentinflowsandportfolioexpansionstrategiesofbothdomesticandglobalcorporations,ledbytheirongoingdigitisationeforts.

Whilethetechsectorisexpectedtoremaintheprimarycatalystforoficeleasingactivity,otherprominentsectorssuchasBFSIandE&Marelikelytomaintainsteadygrowth,alongsidefurtherexpansioninnichesectorssuchaslifesciencesandsemiconductors.Furthermore,developersareincreasinglydeliveringpremiumgreen-certifiedoficespacesthatalignwithoccupiers’prioritiesaroundoperationalscalability,employeeexperience,andlong-termbusinessgoals.

Contacts

RESEARCHBUSINESSLINE

RajeshPrasad

SeniorExecutiveDirector,LeasingServices

rajesh.prasad@

ShailendraNaidu

SeniorExecutiveDirector,LeasingServices

shailendra.naidu@

NitinRao

SeniorExecutiveDirector,LeasingServicesnitin.rao@cbre.co.in

AbhinavJoshi

HeadofResearch,India,MiddleEastandNorthAfrica

UttareshVenkateshwaranGeneralManager

uttaresh.venkateshwaran@

abhinav.joshi@cbre.co.in

PradeepNairAssociateDirector

pradeep.nair@

VaishnaviBala

SeniorGeneralManager

vaishnavi.bala@

RajorshiSanyal

SeniorGeneralManager

rajorshi.sanyal@

ApoorvaPManager

apoorva.p@

ZinniaSahaManager

zinnia.saha@

JKalyanKumarSeniorAssociate

jkalyan.kumar@

ShubhiChawlaSeniorAssociate

shubhi.chawla@

FOLLOWUS

CBREResearch

ThisreportwaspreparedbytheCBREIndiaResearchTeam,whichformspartofCBREResearch—anetworkofpreeminentresearcherswhocollaboratetoproviderealestatemarketresearchandeconometricforecastingtorealestate.

Allmaterialspresentedinthisreport,unlessspecificallyindicatedotherwise,isundercopyrightandproprietarytoCBRE.Informationcontainedherein,includingprojections,hasbeenobtainedfrommaterialsandsourcesbelievedtobereliableatthedateofpublication.Whilewedonotdoubtitsaccuracy,wehavenotverifieditandmakenoguarantee,warrantyorrepresentationaboutit.Readersareresponsibleforindependentlyassessingtherelevance,accuracy,completenessandcurrencyoftheinformationofthispublication.ThisreportispresentedforinformationpurposesonlyexclusivelyforCBREclientsandprofessionals,andisnottobeusedorconsideredasanoferorthesolicitationofanofertosellorbuyorsubscribeforsecuritiesorotherfinancialinstruments.Allrightstothematerialarereservedandnoneofthematerial,noritscontent,noranycopyofit,maybealteredinanyway,transmittedto,copiedordistributedtoanyotherpartywithoutpriorexpresswrittenpermissionofCBRE.AnyunauthorizedpublicationorredistributionofCBREresearchreportsisprohibited.CBREwillnotbeliableforanyloss,damage,costorexpenseincurredorarisingbyreasonofanypersonusingorrelyingoninformationinthispublication.

TolearnmoreaboutCBREResearch,ortoaccessadditionalresearchreports,pleasevisittheGlobalResearchGatewayat

/research-and-reports

CIN-U74140DL1999PTC100244

ThisreportwaspreparedbytheCBREIndiaResearchTeam,whichformspartofCBREResearch—anetworkofpreeminentresearcherswhocollaboratetoproviderealestatemarketresearchandeconometricforecastingtorealestate.

Allmaterialspresentedinthisreport,unlessspecificallyindicatedotherwise,isundercopyrightandproprietarytoCBRE.Informationcontainedherein,includingprojections,hasbeenobtainedfrommaterialsandsourcesbelievedtobereliableatthedateofpublication.Whilewedonotdoubtitsaccuracy,wehavenotverifieditandmakenoguarantee,warrantyorrepresentationaboutit.Readersareresponsibleforindependentlyassessingtherelevance,accuracy,completenessandcurrencyoftheinformationofthispublication.ThisreportispresentedforinformationpurposesonlyexclusivelyforCBREclientsandprofessionals,andisnottobeusedorconsideredasanoferorthesolicitationofanofertosellorbuyorsubscribeforsecuritiesorotherfinancialinstruments.Allrightstothematerialarereservedandnoneofthematerial,noritscontent,noranycopyofit,maybealteredinanyway,transmittedto,copiedordistributedtoanyotherpartywithoutpriorexpresswrittenpermissionofCBRE.AnyunauthorizedpublicationorredistributionofCBREresearchreportsisprohibited.CBREwillnotbeliableforanyloss,damage,costorexpenseincurredorarisingbyreasonofanyp