New office completions across India’s top eight markets declined by 13% year-on-year in the first quarter (Q1) of 2025, totaling 10.7 million square feet (msf), down from 12.2 msf during the same period in 2024, according to a report by real estate services firm Cushman and Wakefield. 

The drop was primarily attributed to delays in obtaining occupancy certificates (OC), which in turn pushed back project timelines. An OC is a legal document issued by local authorities certifying that a building has been constructed according to approved plans and complies with safety norms, making it fit for occupancy. 

Bengaluru, Pune, and Delhi NCR led the new office supply, contributing 9.2 msf — accounting for 92% of the total completions during the quarter. Meanwhile, cities such as Chennai, Kolkata, and Ahmedabad reported no new completions, leading to reduced vacancy rates and a subsequent rise in rental rates in these markets.

(business standard)