India Office Figures Q1 2025

Following two years of record-breaking absorption levels, Q1 2025 demonstrated the sector's continued resilience, with steady absorption observed across key markets. Space take-up by Global Capability Centres (GCCs) played a pivotal role in strengthening office absorption across cities.

• Office leasing activity increased by 5% Y-o-Y to reach ~18 million sq. ft. in Q1 2025. Bengaluru dominated the space take-up, followed by Delhi-NCR and Mumbai, with the three cities collectively accounting for 64% of the quarter’s leasing activity.
• New office supply of ~ 9.7 million sq. ft. became operational during the quarter, primarily led by Bengaluru, Pune, and Delhi-NCR with a cumulative share of 92%.
• With a continued focus on sustainability from developers and occupiers alike, about 88% of the newly completed space during Q1 2025 was green-certified, and over 80% of the leasing took place in certified assets.
• Banking, financial services and insurance (BFSI) firms were active during the quarter, accounting for the largest sectoral share in office leasing. BFSI companies and technology corporates together accounted for half of the overall space take-up in Q1 2025, with shares of 26% and 24%, respectively.
• In a reversal trend witnessed in the past few quarters, US based multinationals led the office absorption with a share of 45%, followed by domestic companies at 38%.
• GCCs accounted for a share of 45% in the overall office space leasing in Q1 2025. More than two-thirds of this space take-up was led by GCCs from BFSI, technology, and engineering and manufacturing (E&M) sectors.

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