The first quarter of 2025 maintained strong momentum in the office market with large deals closures at a sustained pace amidst robust fresh leasing activity..
Here are key highlights from our latest India Office Market Report:
- The top 8 cities recorded 20.3 MSF gross leasing volume (GLV) in Q1 2025; a 4.5% growth on an annual basis though a ~15% decline as compared to the strong leasing figure in the previous quarter.
- Bengaluru led Pan-India GLV in Q1, accounting for 24% share, followed by Mumbai, Pune and Delhi NCR with shares of 21%, 17% and 14%, respectively.
- IT-BPM accounted for the highest share (~29%) in quarterly leasing, followed by BFSI and flexible operators with 22% and 13% shares, respectively. Engineering and manufacturing accounted for 12% of quarterly GLV.
- 10.7 MSF of new completions were recorded in Q1 2025 with Bengaluru and Pune contributing around 30% each, followed by Delhi NCR (25%).
- Net absorption in Q1 2025 stood at 13.4 MSF, a 20% growth on an annual basis though a 22% decline as compared to the previous quarter.
Read the report to successfully navigate the India office market in 2025.
