India Office Figures Q3 2026

India's office sector maintained its strong momentum through the July-September (Q3) 2026 quarter, with the January-September (9M) period marking the highest-ever absorption recorded for any 9-month period. This was achieved despite a cautious global backdrop. Occupier decision-making and deal closures remained broadly intact through the quarter, reflecting the underlying strength of market fundamentals and continued portfolio expansion by both global and domestic occupiers. New development completions in 9M 2026 also reached a record high for any comparable period.

Below are the key trends observed during the quarter:

• India's office sector recorded absorption of ~21.0 million sq. ft. in Q3 2026 (up 6% Y-o-Y), following the record levels witnessed in Q2. Hyderabad, Bengaluru and Delhi-NCR collectively accounted for a 69% share of quarterly leasing activity. This took 9M 2026 absorption to a record ~66.4 million sq. ft., an increase of 8% Y-o-Y.
• New development completions reached ~19.0 million sq. ft. in Q3 2026, up 26% Y-o-Y but easing Q-o-Q following a particularly strong previous quarter. 9M 2026 supply touched a record high of ~51.0 million sq. ft., up 18% Y-o-Y, primarily led by Hyderabad, Bengaluru and Pune, which together accounted for ~89% of quarterly additions and ~73% of 9M supply.
• Reflecting continued alignment with sustainable building practices, green-certified assets comprised 80% of new supply completions and accounted for 82% of leasing activity during the quarter.
• Flexible space operators led sectoral leasing activity with a 24% share, followed by BFSI firms at 22% and technology companies at 15%.
• Domestic occupiers continued to lead space take-up, accounting for a ~47% share in Q3 2026 and ~46% in 9M 2026. Leasing by American occupiers rose Q-o-Q and accounted for 38% of quarterly activity, while EMEA-based occupiers comprised 13% of space take-up during the quarter.
• Global capability centres (GCCs) reinforced their prominence in India's office market, accounting for ~41% of total office space take-up in Q3 2026 and ~42% in 9M 2026. GCC leasing reached ~8.7 million sq. ft. during the quarter, propelling 9M absorption to a record ~28 million sq. ft. GCCs also accounted for a majority share of large-format transactions above 100,000 sq. ft., with a 59% share during the quarter.

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