Blitz Bureau
NEW DELHI: India’s office space market continues to demonstrate robust growth with gross leasing volume in the top eight cities, reaching 21.4 million square feet (MSF) in the April-June quarter (Q2), reflecting a 5 per cent quarter-on-quarter growth, according to a report released on July 7. With H1 2025 gross leasing now at around 42 msf, the sector is firmly on track to surpass 90 million square feet of annual leasing activity – a new benchmark and a reaffirmation of sustained occupier confidence, the report by Cushman &Wakefield stated.
This momentum follows 2024’s historic performance of about 89 million square feet, with H1 2024 figures comparable to this year’s. If trends hold, 2025 will mark the second consecutive year of 85+ million square feet of gross leasing, reinforcing a new baseline of market performance, the report added. The strong leasing numbers reflect the depth of demand from global and domestic occupiers, with Global Capability Centres (GCCs), IT-BPM firms, flex operators, BFSI, and engineering and manufacturing companies driving growth.
Gross leasing volume, which factors in all leasing activity in the market, including fresh take-up, open market renewals by corporates as well as pre-leasing, is an indication of overall market activity. In terms of cities, Bengaluru (5.0 MSF), Delhi NCR (4.6 msf) and Mumbai (3.9 msf) collectively contributed around 63 per cent of the quarterly leasing volume. The other cities followed with Pune (3.3 msf), Chennai (2.2 msf), Hyderabad (1.7 msf), Kolkata (0.5 msf) and Ahmedabad (0.2 msf).
