India’s office real estate market recorded strong growth in Q1 2026, with leasing activity reaching 18.3 million sq ft — a 15% year-on-year increase, according to Colliers India. Bengaluru and Hyderabad led with 8.7 million sq ft combined, while Mumbai, Pune, Delhi NCR, and Chennai each saw 2–3 million sq ft leased. Hyderabad and Pune more than doubled their demand from last year.
Global Capability Centers (GCCs) drove nearly half of total leasing, reinforcing India’s position in the Asia-Pacific office market. New office supply rose to 11.8 million sq ft, up 19% year-on-year, with Bengaluru contributing 47% and Delhi NCR 17%. Chennai and Mumbai added 1.5 million sq ft each.
Conventional office leasing dominated at 14.4 million sq ft, led by technology and BFSI firms. Tech companies alone accounted for 36%, with Bengaluru and Hyderabad as top destinations. Flexible workspace leasing surged 77% year-on-year to 4 million sq ft, making up 21% of total leasing. Delhi NCR and Hyderabad led this segment, with Kolkata and Delhi NCR seeing flex operators contribute around 40% of leasing.