According to the 'CBRE India Office Figures Q1 2025' report by CBRE South Asia Pvt. Ltd., Mumbai's office space leasing reached approximately 2.9 million sq. ft. in the first quarter of 2025, a significant 63% increase compared to the same period in 2024. The Banking, Financial Services, and Insurance (BFSI) sector led this growth, contributing 53% of the total leasing activity in the city.?

City-wise Office Space Absorption (Jan-Mar 2025):

Bengaluru: Recorded an absorption of about 4.8 million sq. ft., driven primarily by American technology firms. Key sectors included technology (33%), Entertainment & Media (24%), and BFSI (18%).?

Hyderabad: Saw approximately 1.9 million sq. ft. absorbed, with significant contributions from American life sciences and technology companies. Leading sectors were life sciences (23%), technology (17%), and FMCG & retail (13%).?

Delhi-NCR: Achieved around 3.8 million sq. ft. in absorption, fueled by BFSI Global Capability Centers (GCCs). The BFSI sector led with 32%, followed by technology (22%), and research, consulting & analytics (15%).?

Chennai: Noted strong absorption of about 2.6 million sq. ft., led by increased activity from tech companies. Key sectors were technology (32%), FMCG & retail (19%), and flexible space operators (14%).?

Pune: Domestic companies, particularly in the BFSI sector, drove the absorption of approximately 1.3 million sq. ft. The BFSI sector accounted for 36%, flexible space operators 24%, and technology 20%.?

On a pan-India level, the office sector recorded a gross absorption of 18.0 million sq. ft. during the Jan-Mar 2025 period, reflecting a 5% year-over-year growth. Bengaluru, Delhi-NCR, and Mumbai collectively accounted for approximately 64% of the total leasing activity.?

The report also highlighted that Global Capability Centers (GCCs) accounted for 45% of the quarterly leasing at 8.0 million sq. ft., registering a 66% year-over-year growth. Bengaluru dominated GCC leasing with a 40% share, followed by Delhi-NCR at 24%, Chennai at 14%, Hyderabad at 10%, while Mumbai and Pune accounted for 6% and 5%, respectively.?

Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, stated, "India’s office sector is on a solid trajectory for sustained leasing growth, driven by strategic expansions from both domestic and global occupiers. Established hubs like Bengaluru, Hyderabad, Delhi-NCR, and Mumbai continue to lead, while cities like Chennai and Pune are gaining traction due to a strong talent base and a well-positioned supply pipeline."?

Ram Chandnani, Managing Director, Advisory & Transaction Services, CBRE India, added, "India is rapidly evolving as a global hub for GCCs, with multinational firms leveraging its skilled workforce to drive innovation and digital transformation. In 2025, GCCs are expected to account for nearly 35-40% of total office space absorption, with expansions not just in metro cities but also in emerging business hubs, supported by favorable state policies."?

The report underscores the growing emphasis on sustainable and green-certified office spaces, with 81% of total office space take-up (14.7 million sq. ft.) in Q1 2025 being in green-certified assets. This trend highlights the increasing commitment of both occupiers and developers to environmental, social, and governance (ESG) principles and sustainability initiatives.?

As businesses continue to prioritize quality workspaces and sustainability, India's office market is poised for sustained growth, driven by sectors such as BFSI, technology, and emerging industries like life sciences and semiconductors.