India’s workplace property market has actually reported 16.3 million square feet (msf) of net absorption throughout the leading 8 cities throughout Q3 2025, development of 35% year-on-year.
According to Cushman & & Wakefield, with 44.3 msf of net absorption taped in the very first 9 months of 2025, the marketplace has actually currently attained almost 87% of the full-year overall of 50.7 msf seen in 2024.
With one quarter still to go and a strong pipeline of active offers, the marketplace is securely on track to exceed in 2015’s record, possibly setting a brand-new high for yearly net absorption once again this year.
Delhi NCR (3.8 msf) and Bengaluru (3.5 msf) led the quarter, contributing 23% and 21% of overall net absorption respectively, driven by strong occupier activity in core submarkets. Mumbai (2.1 msf), Chennai (2.3 msf), and Pune (2.5 msf) likewise published robust numbers, with all 3 cities exceeding their year-to-date (YTD) net absorption levels from the exact same duration in 2015.
Both Pune and Chennai tape-recorded their highest-ever YTD web absorption, showing the growing maturity and beauty of these markets for worldwide and domestic occupiers alike.
Gross Leasing Volume (GLV) stood at 22.6 msf in Q3, a limited 2.6% decrease year-on-year, bringing YTD renting to 64.2 msf– almost two-thirds of the record 88 msf negotiated in 2024. With one quarter staying, 2025 is well on track to match or go beyond in 2015’s standard.
Fresh leasing controlled the quarter, representing over 80% of overall activity. This marked a 21% quarter-on-quarter boost and a minor year-on-year uptick, showing ongoing growth in spite of worldwide unpredictabilities.
International Capability Centres (GCCs) contributed 32% of Q3 leasing, marking the 2nd time in 2025 that their quarterly share crossed 30% – a turning point accomplished just 4 times in the previous 7 years.
“This development is being powered by long-lasting principles– from the increase of GCCs and the scaling of start-ups to the revival of production and engineering. Occupiers are making tactical, quality-driven choices, and India is significantly being viewed as a core market for international operations, not simply an expense centre. That’s a structural shift and it’s here to remain,” stated Anshul Jain, Chief Executive– India, SEA & & APAC Office and Retail, Cushman & & Wakefield.
In regards to sectoral need, IT-BPM continued to be the biggest contributing market sector with over 31% share in leasing, followed by Engineering & & Manufacturing (18%), and BFSI (14%). Versatile office operators continued to stay an essential factor to workplace leasing from property managers as it represented 11% share in leasing.
On the supply side, 14.1 msf of brand-new conclusions went into the marketplace in Q3, bringing year-to-date conclusions to 37 msf. Surprisingly, 80% of this supply was Grade-A+, showing occupiers’ growing choice for top quality, ESG-compliant possessions. Bengaluru and Delhi NCR together contributed near half of the quarter’s brand-new conclusions, strengthening their position as leading locations for superior workplace.
Strong absorption and managed supply caused a 53 basis point decrease in pan-India job, now at 14.81%, marking 9 successive quarters of job decrease.
Rental development was observed throughout all significant cities, supported by healthy need and premium supply. Mumbai and Hyderabad led with 15– 17% year-on-year development, while Ahmedabad, Delhi NCR, and Chennai published gains in the 6– 10% variety.
“Net absorption is typically viewed as the genuine need for area and this quarter’s numbers reveal that the momentum in India’s workplace sector is both prevalent and continual. Cities like Delhi NCR, Pune, and Chennai are setting brand-new standards in leasing and absorption. What’s especially motivating is the volume of active offers presently in the pipeline, which recommends that this isn’t a one-off spike however part of a much deeper, more structural development cycle,” stated Veera Babu, Executive Managing Director, Tenant Representation – India, Cushman & & Wakefield.