India Office Leasing Rises Six Per Cent In H1 2026

02 Jul 2026 CW Team

A Colliers India report said India's Grade A office market recorded gross leasing of 35.7 million (mn) square feet in the first half of 2026, up six per cent year-on-year despite a softer second quarter amid global trade disruptions.

Leasing in April–June totalled 17.4 mn square feet, down two per cent from a year earlier, while Grade A absorption exceeded 15 mn square feet for the ninth consecutive quarter across seven markets. Demand was supported by Global Capability Centres (GCCs), technology firms and flexible workspace operators.

Bengaluru led leasing with 10.5 mn square feet in H1 and accounted for 29 per cent of demand, while Hyderabad recorded 7.2 mn square feet, a 47 per cent annual rise. Together they made up nearly half of national leasing as Mumbai and Pune saw a 25–30 per cent contraction in Q2 activity, and large transactions fell sharply with Mumbai's share of deals above 100,000 square feet dropping from 41 per cent to 13 per cent and Pune's from 63 per cent to 38 per cent.

The technology sector comprised 43 per cent of leasing in the quarter and banking, financial services and insurance firms accounted for 13 per cent, while flexible operators contributed more than one quarter of overall demand. Flex space leasing rose 32 per cent year-on-year to a record 8.6 mn square feet in H1 and reached 4.6 mn square feet in Q2, over 90 per cent above the five-year average. Developers remained cautious as new Grade A supply fell 28 per cent to 10.7 mn square feet.

Total H1 supply stood at 22.5 mn square feet, down nine per cent annually, with Bengaluru accounting for about 39 per cent of new supply and Mumbai recording an 80 per cent rise. Vacancy held near 15 per cent and rentals rose by up to five per cent in select micro-markets as occupiers rebalanced requirements. Colliers said Bengaluru and Hyderabad remain well placed to support demand and added that GCCs are likely to account for 40–50 per cent of Grade A absorption in 2026.

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