India Office Figures Q1 2026

India’s office market set a new benchmark in the first quarter of 2026, led by record-high GCC leasing of 9.1 million sq. ft. Despite prevailing global macroeconomic uncertainty, the sector delivered its strongest January-March performance to date, with total office absorption reaching 20.7 million sq. ft. Leasing activity was driven by the strategic expansion of GCCs and domestic enterprises.

Looking ahead, the office market is expected to demonstrate resilience in the current environment, underpinned by sustained occupier interest, measured investment flows, and ongoing portfolio expansion strategies by both global and domestic enterprises.

Below are the key trends observed during the quarter: 

• Office space take-up reached approximately 20.7 million sq. ft., increasing by 5% Y-o-Y. Bengaluru, Delhi-NCR, and Mumbai led the leasing activity, together accounting for 67% of the total absorption.
• New completions totalled approximately 8.3 million sq. ft., with Bengaluru, Ahmedabad, and Chennai contributing 66% of the overall supply.
• Reflecting a strong and sustained commitment to sustainability from both developers and occupiers, 72% of newly completed space in Q1 2026 was green-certified, while nearly 79% of leasing activity was concentrated in certified assets.
• Flexible space operators, technology firms, and BFSI companies primarily led the leasing activity, with continued traction also witnessed among research, consulting, and e-commerce enterprises.
• Domestic firms continued to lead office space take-up, with a share of 43%, followed by U.S.-based firms at 38%. Meanwhile, EMEA-based occupiers recorded a notable uptick in activity.
• GCC leasing stood at approximately 9.1 million sq. ft. in Q1 2026, representing a significant 44% share of total absorption. E-commerce, technology, and BFSI firms together accounted for 64% of GCC leasing.
• Furthermore, Fortune 500 companies accounted for over 21% of the total office space take-up.

To gain deeper insights into our analysis of the Indian office market and city-specific dynamics, please click on the download button.