India office leasing reaches 35.7 million sq ft in H1 2026

26 Jun 2026 CW Team

India’s office market recorded 35.7 million sq ft of gross leasing across the top seven cities in H1 2026, marking a 6 per cent rise over the corresponding period in 2025, according to Colliers India. The market remained firm despite a slower second quarter, with Grade A space uptake moderating to 17.4 million sq ft in Q2 2026, a 2 per cent year-on-year decline.

Bengaluru remained the leading office market with 10.5 million sq ft of leasing in H1 2026, accounting for a 29 per cent share. Hyderabad followed with 7.2 million sq ft and recorded a 47 per cent annual increase in leasing activity. Delhi-NCR, Mumbai and Chennai each saw leasing activity in the range of 4-5 million sq ft during the first half.

Quarterly moderation was more visible in Mumbai and Pune, where office demand declined by 25-30 per cent year-on-year in Q2 2026. The share of large deals also reduced in both markets, indicating a more cautious approach by occupiers during the quarter.

On the supply side, Grade A new completions stood at 22.5 million sq ft in H1 2026, down 9 per cent year-on-year. Bengaluru led new supply additions with 8.7 million sq ft, accounting for 39 per cent of total completions, followed by Delhi-NCR and Mumbai. Mumbai recorded an 80 per cent rise in new supply during the first half, led by additions in Navi Mumbai, Powai and Thane.

Flex space leasing reached 8.6 million sq ft in H1 2026, an all-time high and a 32 per cent annual rise. Bengaluru, Delhi-NCR and Hyderabad together contributed nearly two-thirds of flex operator demand. Conventional leasing remained steady at 27.1 million sq ft, with the technology and BFSI sectors together driving over 60 per cent of conventional office uptake.

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