India’s Office Market Records Highest-Ever Nine-Month Leasing of 61.06 Million Square Feet, GCCs Account for 43%
- IBEF
- October 27, 2026
Gross office leasing across India’s top seven markets reached 61.06 million square feet (sq ft) in January–September 2026, according to a JLL India assessment. This is the highest ever for the first nine months of a year. Net absorption also touched a record 41.96 million sq ft for the period, up 5.3% year-on-year (YoY). Global Capability Centres (GCCs) leased 26.2 million sq ft, up 30.6% YoY, accounting for 42.9% of total leasing. Flex operators recorded their highest-ever nine-month leasing of 13.83 million sq ft. Leasing strengthened in the July–September quarter, rising 40.9% sequentially to 23.17 million sq ft.
CEO of JLL India Ms. Radha Dhir stated that 2026 is set to surpass the previous year’s record as more GCCs prepare to set up in India. Annual gross leasing volumes could reach 100 million sq ft over the next two to three years. Bengaluru remained the largest market with 17.11 million sq ft of gross leasing, up 15.4% YoY. It was followed by Hyderabad at 9.93 million sq ft (up 32%), Mumbai at 8.75 million sq ft (up 17.7%) and Pune at 8.25 million sq ft (up 31.6%). New office completions of 43.7 million sq ft, the highest for the period in the post-Covid phase, took vacancy to 14.8%. This is still 90 basis points lower YoY. Mumbai and Delhi-NCR recorded their lowest vacancy levels in 16 and 15 years, respectively. CEO and Managing Director of Brookfield India Real Estate Trust Mr. Shashank Jain noted that occupiers are increasingly focused on workplace quality, operational efficiency and access to talent.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Partners
