India’s office market has continued its record-breaking momentum, with gross leasing reaching an all-time high of 83.3 million sq ft in 2025, reaffirming the country’s position as a preferred global business destination. Despite global uncertainties, international occupiers accounted for 58.4 per cent of total leasing, underscoring strong structural demand drivers.

According to JLL Research, Bengaluru, Hyderabad, Pune and Mumbai recorded their best-ever annual leasing volumes, reflecting broad-based demand across technology, manufacturing, BFSI and flexible workspace segments. Demand dispersion across cities also highlighted evolving occupier strategies in a dynamic operating environment.

Global Capability Centres (GCCs) emerged as the dominant occupier group, capturing 37.7 per cent of total leasing and absorbing a record 31 million sq ft during the year. The flex segment also achieved new highs, while technology remained the largest contributor on a full-year basis. Domestic occupier activity was led by indigenous flex operators, which posted their strongest-ever annual performance.

Net absorption touched a historic peak of 57.0 million sq ft in 2025, with Bengaluru, Delhi NCR and Hyderabad leading activity. This strong absorption led to vacancy declining to 15.2 per cent, the lowest level seen in five years, with several core markets reporting near single-digit vacancy levels.

Rahul Arora, Head – Office Leasing & Retail Services, Senior Managing Director, India, JLL, said the convergence of record GCC expansion, strong occupancies and a robust deal pipeline could push India’s office leasing beyond the 100 million sq ft mark within the next two years.

Dr Samantak Das, Chief Economist and Head of Research and REIS, India, JLL, added that India has successfully bucked global headwinds, supported by sustained GCC inflows, a deep talent pool and strong policy-led growth drivers, positioning the office market for continued momentum into 2026.