New Delhi: Net leasing of office spaces rose 25 per cent last year to a record 61.4 million sq ft across eight major cities on strong demand from domestic and overseas companies, according to Cushman &
Wakefield. Net leasing of office spaces stood at 49.1 million sq ft during 2024 in these eight cities.
Net absorption or leasing represents the net change in office space occupied during the year. Real estate consultant Cushman & Wakefield on Monday released the data, showing that net office leasing rose in Bengaluru, Hyderabad, Pune, Delhi-NCR, and Chennai but declined in Mumbai, Kolkata, and Ahmedabad.
"The last year's performance reflects more than record numbers, it signals a long-term growth trajectory anchored in strong fundamentals," said Anshul Jain, Chief Executive, India, SEA, MEA & APAC Office and Retail, Cushman & Wakefield. He projected that the office demand would remain strong during 2026, driven by expansion of global capability centres (GCCs) in India and rising technology adoption.
As per the data, the net office leasing in Chennai almost tripled to 7 million sq ft last year from 2.4 million sq ft in the 2024 calendar year. Delhi-NCR witnessed a sharp growth of 82 per cent in net office leasing to 10.9 million sq ft during 2025 from 6 million sq ft in the preceding year. Bengaluru, the most prominent office market, witnessed a marginal rise in net office leasing to 14.4 million sq ft from 14.2 million sq ft in 2024.
Office demand rose 65 per cent in Pune to 8.2 million sq ft from 5 million sq ft. In Hyderabad, the net leasing grew 15 per cent to 9.1 million sq ft from 7.9 million sq ft. However, Mumbai -- the financial capital of India -- witnessed a 12 per cent decline in office demand to 9.6 million sq ft from 10.9 million sq ft. In Kolkata, the demand dipped 5 per cent to 1.4 million sq ft from 1.5 million sq ft. Lastly, the net office leasing in Ahmedabad by 28 per cent to 0.8 million sq ft last year from 1.2 million sq ft in the preceding calendar year.
According to Cushman & Wakefield, the gross leasing of office space also hit an all-time high at 88.7 million sq ft in 2025, up 1 per cent from 88 million sq ft in the preceding year. The gross leasing factors in all leasing activity in the market, including fresh take-up, open market renewals by occupiers as well as pre-leasing. New supply of office spaces rose 17 per cent to around 53 million sq ft during the last year.
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