房地产 -2025年第四季度印度办公室数据 India Office Figures Q4 2025

Figures

REALESTATE

FIGURESiOFFICESECTORiQ42025CBRE

ft.;newsupplytouches56.3mnsq.ft.

5%

2025

SUPPLYY-0-Y

~1%

2025

ABSORPTIONY-0-Y

Δ15%

Q42025

ABSORPTIONQ-0-Q

a39%

AGlimpseoftheIndianEconomy

-

shareofleasingbyGCCSinQ42025

acceleratingfrom7.8%recordedintheprecedingquarter.Therealestatesector(alongsidefinancialandprofessionalservices)roseby10.2%,whilethemanufacturingsectorpostedstronggainsof9.1%duringthequarter.Thetrade,hotels,andtransportandconstructionsectorsalsoexpandedby7.4%and7.2%,respectively.

-

Note:Arrowsindicatechangefrompreviousquarter/year.

FIGURE1.1:IndiaGDptrends

FIGURE1.2:IndiaGDpforecastforFY2026

since2012,beforerisingto0.71%inNovember.Thisdeclinewaslargelydrivenbyafavourablebaseeffect,softerfoodprices,andtheimpactofthegovernment'sdecisiontorationaliseGSTrates.

-

7.3%RB

metalpricescombinedwithachallengingbaseeffect.InNovember,WPIdeflationnarrowedto0.32%asthedeclineinthesepricesslowed.

-

6.6%IMF

balancingstrongGDpgrowthagainstlowinflationandglobaluncertainties.Notably,inDecember,thecentralbankreducedthekeypolicyrateby25basispointsto5.25%,citingbenigninflation

outlookprovidingpolicyspacetosupportgrowthmomentum.

-

7.4%FitchRatings

furtherto55.7inDecember,asorderandoutputgrowthslowedduetoweakerexternalanddomesticdemand.However,itremainedabovethe50-markthroughout,signallingcontinuedmanufacturing

expansion.

-

IndiaGDpgrowthReporateCPIInflation(Headline)

Novemberfuelledbyrobustdomesticordersbeforesettlingat59.1inDecemberamidstsofterinternationaldemandandrisingcosts.

Note:Arrowsindicatechangefrompreviousforecast·

source:MOSPI,November2025;RB1october,December2025;

*Nonperformingassets*scheduledcommercialbanks,CBREResearch,Q42025

-

source:CBREResearch,Q42025

BankNiftysurpassing60,000inDecember2025.Thisperformanceunderscoresstrongbanking

systemstabilitycharacterisedbylowNPAS*anddoubledigitgrowthinscB**depositsandcredit

aswellashealthyinvestorconfidence.

FIGURES|INDIA|Q42025

3CBRERESEARCH©2026CBRE,INC.

~22.2

~14.0

ABSORPTION(MNSQ.FT.)INQ42025

SUPPLY(MNSQ.FT.)INQ42025

Note:Arrowsindicatechangefrompreviousquarter.

FIGURE1.3:OFFICESECTOROVERVIEW

~82.6

~56.3

ABSORPTION(MNSQ.FT.)IN2025

SUPPLY(MNSQ.FT.)IN2025

Note:Arrowsindicatechangefrompreviousyear.

2%1%

26%

ABSORPTION

FIGURE1.4:CITY-WISESHAREOFABSORPTIONANDSUPPLYIN2025

•InQ42025,14millionsq.ft.ofnewcompletionswerewitnessed,downby7%Q-0-Qand15%Y-0-Y.

•supplyadditioninQ42025wasledbyBengaluru,HyderabadandDelhi-NCR,withacombinedshareof67%.

•In2025,56.3millionsq.ft.ofnewcompletionswerewitnessed,increasingby5%y-o-y.

•supplyadditionin2025wasprimarilyledbyBengaluru,pune,andDelhi-NCR,withacombinedshareof63%.

27%

Delhi-NCRMumbaiBengaluruchennaiHyderabad

punekolkatawAhmedabadwkochi

•officeleasingactivityincreasedover15%Q-0-Qtoreach22.2millionsq.ft.inQ42025.

•AbsorptioninQ42025wasledbyBengaluruwithashareofabout24%,followedbyMumbai(22%)andDelhiNCR(18%).

•spacetake-upgrewbyasteady1%y-o-yin2025,reachingarecordhighof82.6millionsq.ft.

•Leasingactivityin2025wasledbyBengaluru,Mumbai,andDelhi-NCR,togetheraccountingforashareofabout61%oftheoverallspacetake-up.

source:CBREResearch,Q42025

Note:India'stotalfiguresforsupplyandabsorptionmaynotaddupexactlyduetoroundingofdecimals

pleasenotethatthedatapresentedinthisreportwascompiledatthetimeofreportgenerationandmayberevisedinsubsequentquartersasmoreinformationbecomesavailable.Therefore,thedatashouldbeconsideredasprovisionalandsubjecttoongoingrefinement.

FIGURES|INDIA|Q42025

4CBRERESEARCH©2026CBRE,INC.

LIFE

SCIENCES

Note:Arrowsindicatechangefrompreviousquarter.

FIGURE1,6:SUB-SEGMENTATIONOFTOPINDUSTRYSECTOR

FIGURE1.7SEGMENTATIONOFTRANSACTIONACTIVITYBYDOMICILEINQ42025

Flexiblespaccopcrator's&Iechnologyvfirms

46%b37%

DomesticAmericas

12%

EMEA

5%

APAC

Note:Arrowsindicatechangefrompreviousquarter.

SECTOR:In2025,technologyfirms,flexiblespaceoperators,andBFSIcorporatesledabsorptionwithacumulativeshareof60%.u.s.corporatesaccountedforoverhalfoftotalleasingby

technologysectorand44%oftheabsorptionbyBFSIindustryduringtheyear.Furthermore,officespacetake-upbytheE&Msectorwasprimarilydrivenbyu.s.andEMEAcompanies,whichheldacombinedshareof70%.

REGION:withashareofover46%,domesticfirmsledspacetake-upinQ42025,primarilydrivenbyflexiblespaceoperatorsandtechnologycompanies.Indianfirmsalsoaccountedforthelargestshareofleasingforthefullyear.

FIGURE1.8:GCCLEASINGSHAREINQ42025

~8.5mn.sq.ft.

spaceleased

byGccsinQ4

2025;

accountingfor

ashareof

39%

source:CBREResearch,Q42025

FIGURES|INDIA|Q42025

5CBRERESEARCH©2026CBRE,INC.

FIGURE1.9:SEGMENTATIONOFDEVELOPMENTCOMPLETIONSASPERSIZEINQ42025

FIGURE1.10:QUARTERLYRENTALMOVEMENTASOFQ42025

MUMBAl

2-11%

centralMumbai1&2,NewCBD(BKC),Bkcperiphery,westernsuburbs1&2,andThane

BENGALURU

1-4%

southBengaluru,CBD,EBD,ORR,NBD,PBD-W,and

PBD-O

CHENNAl

2-7%

CBD,offcBD,andoMRzone1

HYDERABAD

1-2%

ITcorridor1,ExtendedITcorridor,andITcorridor2

DELHI-NCR

2-7%

NH-8(BeforeRajivchowk),oldGurgaon,DelhicBD,MainNoida,NoidaExpressway,sohnaRd,

GolfcourseRd,DLFcybercity

PUNE

1-2%

SBD-kharadiandsBD-west

othermarkets:37%increaseinoffcBD,CBD,EBDandsBD,inkochi

FIGURE1,11:PERFORMANCEOFGREEN-CERTIFIEDASSETSINQ42025

92%

(12.8nnsq.fit.)

shareofgreen-certifiednewsupplyinQ42025

DELHI-NCR

citypercentagesindicatethecity'sshareinoverallIndiasupplyofgreencertifiedassets

22%

AHMEDABAD

KOLKATA

MUMBAl

C

12%13%

HYDERABAD

PUNE

28%20%

15%

CHENNAI

BENGALURU

32%

KOCHl

75%

(16.6mnsq.ft.)

shareofleasingingreenmmcertifiedassetsinQ42025

citypercentagesindicatethecity'sshareinoverallIndialeasingingreencertifiedassets

Note:Greencertifiedsupplyandleasingreferstotheactivityintotalgreencertifiedofficespacesource:CBREResearch,Q42025

FIGURES|BENGALURU|Q42025

~4.0

ABSORPTION(MNSQ.FT.)

PBD-W

Absorption

TowardsMysuru

Note:Arrowsindicatechangefrompreviousquarter

Mapisrepresentativeandnottoscale;ReferAnnexurefordetailsonmicromarketscityboundaryisrepresentedbythemunicipalboundaryofBengaluru

SUPPLY(MNSQ.FT.)

Absorption

supply

Rent

supply

Rent

ORR

Absorption

cityBoundary

kempegowda

InternationalAirport

NationalHighways

NBD

supply

TABLE2.1:KEYLEASINGTRANSACTIONS

Bagmanesolariumcity-

PBD-W864,000

GopalanFortunecity-Block2

ORR

300,000

Aleading

telecommunicati

onsfirm

EmbassyManyataBusinesspark-BlockF2(Mahogany)

NBD

251,000

concentrix

source:CBREResearch,Q42025

TABLE2.2:KEYSECTORSDRIVINGABSORPTION

Technology

31%

Engineering&manufacturing

17%

Flexiblespaceoperators

14%

source:CBREResearch,Q42025

DEALSIZESDOMINATINGABSORPTION

MEDIUMLARGE

Aleadingtechplayer

Radon(East&west)

6CBRERESEARCH©2026CBRE,INC.

FIGURES|HYDERABAD|Q42025

7CBRERESEARCH©2026CBRE,INC.

~3.7

SUPPLY(MNSQ.FT.)

~3.9

ABSORPTION(MNSQ.FT.)

TABLE3.1:KEYLEASINGTRANSACTIONS

ExtendedITcorridor

supplyAbsorptionRent

ITcorridorl

vv

supplyAbsorptionRent

Towards

warangal

ITcorridorIl

supplyAbsorptionRent

RajivGandhi

InternationalAirportNationalHighways

Note:Arrowsindicatechangefrompreviousquarter

Mapisrepresentativeandnottoscale;ReferAnnexurefordetailsonmicromarketscityboundaryisrepresentedbytheouterRingRoad

Towards

Mumbai

vijayawada

Towards

Bengaluru

Towards

AparnaTechnopolis

kalyaniTrident

ExtendedITcorridor

258,000

HartfordInsurance

kalyaniTrident

ExtendedITcorridor

240,000

ADP

source:CBREResearch,Q42025

TABLE3.2:KEYSECTORSDRIVINGABSORPTION

Technology

Banking,financialservices,insurance

21%

Flexiblespaceoperators

18%

source:CBREResearch,Q42025

DEALSIZESDOMINATINGABSORPTION

MEDIUMLARGE

TechMahindra

ITcorridorIl

400,000

28%

FIGURES|DELHI-NCR|Q42025

8CBRERESEARCH©2026CBRE,INC.

~1.6

SUPPLY(MNSQ.FT.)

~4.0

ABSORPTION(MNSQ.FT.)

GolfcourseRoad

supply

Absorption

Rent

supply

Expressway

Absorption

Rent

DELHl

NOIDA

Ext.GolfcourseRoad

supplyAbsorptionRent

Note:Arrowsindicatechangefrompreviousquarter

Mapisrepresentativeandnottoscate;ReferAnnexurefordetailsonmicromarketscityboundaryisrepresentedbythemunicipalboundaryofDelhj,NoidaandGurgaon

NationalHighways

IndiraGandhi

InternationalAirport

Towardspanipat

Towards

Faridabad

cityBoundary

GURGAON

TABLE4,1:KEYLEASINGTRANSACTIONS

EmbassyoxygenBusiness

park(Tower1)(phaseII)Expressway255,000cognizant

Intellionpark(Tower4)(phase1)

ExtendedGolfcourseRoad

231,000

IBM

Atriumplace(Tower2)(phase1)

NH-8(BeforeRajivchowk)

190,000

Tablespace

source:CBREResearch,Q42025

TABLE4.2:KEYSECTORSDRIVINGABSORPTION

Flexiblespaceoperators

36%

Technology

14%

E-commerce10%

source:CBREResearch,Q42025

DEALSIZESDOMINATINGABSORPTION

SMALLMEDIUM

FIGURES|MUMBAI|Q42025

9CBRERESEARCH©2026CBRE,INC.

~4.8

ABSORPTION(MNSQ.FT.)

~1.6

SUPPLY(MNSQ.FT.)

wumbaiTrani

NaviMumbai

supplyAbsorptionRent

westernsuburbs1

supply

Absorption

Rent

centralMumbai2

supplyAbsorptionRent

cityBoundary

source:CBREResearch,Q42025

DEALSIZESDOMINATINGABSORPTION

chhatrapatishivajiMaharajInternationalAirport

NaviMumbai

InternationalAirport

NationalHighways

MEDIUMLARGE

Note:Arrowsindicatechangefrompreviousquarter

Mapisrepresentativeandnottoscate;ReferAnnexurefordetailsonmicromarketscityboundaryismarkedonthebasisofcBRE'sassessmentofthecity'sofficemarket

TABLE5.1:KEYLEASINGTRANSACTIONS

oneDowntowncentral(crisilHouse)

waterstoneswesternsuburbs1

smartworks

MindspaceAiroliwest

(GigaplexITpark,Building3)

NaviMumbai

Redbrickoffices

source:CBREResearch,Q42025

TABLE5.2:KEYSECTORSDRIVINGABSORPTION

Banking,financialservices,insurance

Flexiblespaceoperators

20%

Technology

16%

Easternsuburbs

279,000

cowrks

24%

FIGURES|CHENNAI|Q42025

10CBRERESEARCH©2026CBRE,INC.

TABLE6.1:KEYLEASINGTRANSACTIONS

~2.1

SUPPLY(MNSQ.FT.)

ABSORPTION(MNSQ.FT.)

AnandITparkOMRzone1173,000VISTAS

Towards

Tirupati

oneNationalparkOMRzone1139,000Amura

MountpoonamalleeRoad

supplyAbsorptionRent

oneNationalparkOMRzone1104,o00corporatEdge

source:CBREResearch,Q42025

TABLE6.2:KEYSECTORSDRIVINGABSORPTION

OMRzone1

supply

Absorption

Rent

PTRoad

supply

Absorption

Rent

28%

Lifesciences

Technology

24%

Flexiblespaceoperators

13%

source:CBREResearch,Q42025

cityBoundary

DEALSIZESDOMINATINGABSORPTION

chennaiInternationalAirport

NationalHighways

Note:Arrowsindicatechangefrompreviousquarter

MEDIUMLARGE

Mapisrepresentativeandnottoscale;ReferAnnexurefordetailsonmicromarketscityboundaryisrepresentedbythemetropolitanboundaryofchennai

FIGURES|PUNE|Q42025

11CBRERESEARCH©2026CBRE,INC.

TABLE7.1:KEYLEASINGTRANSACTIONS

~16

SUPPLY(MNSQ.FT.)

ABSORPTION(MNSQ.FT.)

supply

Rent

CBD

GodrejcentreCBD195,000PTcsoftware

Geracommerzone-(B1)SBDkharadi

56,000

Jefferies

SBDwest

40,000

Qualys

SBDkharadi

supplyAbsorptionRent

panchshilBalewadiTechpark-phaseIl(TowerB)

source:CBREResearch,Q42025

TABLE7.2:KEYSECTORSDRIVINGABSORPTION

Technology

34%

Flexiblespaceoperators

22%

14%

source:CBREResearch,Q42025

DEALSIZESDOMINATINGABSORPTION

MEDIUMLARGE

Banking,financialservices,insurance

SBDEast

supply

Absorption

Rent

puneInternationalAirport

Note:Arrowsindicatechangefrompreviousquarter

NationalHighways

Mapisrepresentativeandnottoscale;ReferAnnexurefordetailsonmicromarketscityboundaryisrepresentedbythewardboundaryofpune

FIGURES|KOLKATA|Q42025

12CBRERESEARCH©2026CBRE,INC.

~0.2

ABSORPTION(MNSQ.FT.)

Nil

SUPPLY(MNSQ.FT.)

TABLE8,1:KEYLEASINGTRANSACTIONS

EPBD

supply

TowardsDelhi

Towardschennai

PBD

supply

Absorption

Rent

cityBoundary

Note:Arrowsindicatechangefrompreviousquarter

Mapisrepresentativeandnottoscale;ReferAnnexurefordetailsonmicromarketscityboundaryisrepresentedbythemunicjpalboundaryofkolkata

CBD

supplyAbsorption

Netajisubhash

chandraBose

InternationalAirport

Absorption

Rent

Rent

ManicasadonaEPBD31,000BandhanBank

MartinBurnBusinesspark

PBD

Exospace

RDBBoulevard

PBD

DSV

source:CBREResearch,Q42025

TABLE8.2:KEYSECTORSDRIVINGABSORPTION

BFSI

Flexiblespaceoperators

29%

Research,consulting&analytics

12%

source:CBREResearch,Q42025

DEALSIZESDOMINATINGABSORPTION

MEDIUMLARGE

30%

FIGURES|KOCHI|Q42025

13CBRERESEARCH©2026CBRE,INC.

~0.5

SUPPLY(MNSQ.FT.)

TABLE9.1:KEYLEASINGTRANSACTIONS

~0.2

ABSORPTION(MNSQ.FT.)

68,000zelis

LuluITTower-Block1SBD

LuluITTower-Block1

SBD

68,000

EXL

caspianTechparks,Inspire,Tower1

SBD

21,O00

Indiqube

source:CBREResearch,Q42025

TABLE9.2:KEYSECTORSDRIVINGABSORPTION

CBD

supply

Absorption

Rent

TowardsMadurai

SBD

supply

Absorption

Rent

offcBD

mm

supply

Absorption

Rent

cityBoundary

kochiInternationalAirport

NationalHighways

Research,consulting&analytics

30%

Flexiblespaceoperators

30%

Lifesciences

28%

source:CBREResearch,Q42025

DEALSIZESDOMINATINGABSORPTION

Note:Arrowsindicatechangefrompreviousquarter

MEDIUMLARGE

Mapisrepresentativeandnottoscale;ReferAnnexurefordetailsonmicromarketscityboundaryisrepresentedbythemunicipalboundaryofkochi

FIGURES|AHMEDABAD|Q42025

14CBRERESEARCH©2026CBRE,INC.

TABLE10.1:KEYLEASINGTRANSACTIONS

~0.2

ABSORPTION(MNSQ.FT.)

SUPPLY(MNSQ.FT.)

SBD

supply

Absorption

Rent

CBD

Absorption

TowardsIndore

sardarvallabhbhaipatelInternationalAirport

Mapisrepresentativeandnottoscale;ReferAnnexurefordetailsonmicromarketscityboundaryisrepresentedbythemunicipalboundaryofAhmedabad

Note:Arrowsindicatechangefrompreviousquarter

NationalHighways

supply

Rent

FlexonePBD25,000collatedventures

supply

Rent

PBD

Absorption

Flexone

PBD

universityofsurrey

FlexonePBD16,000HCLTechnologies

source:CBREResearch,Q42025

TABLE10.2:KEYSECTORSDRIVINGABSORPTION

Flexiblespaceoperators

28%

Technology

18%

Engineering&manufacturing

15%

source:CBREResearch,Q42025

DEALSIZESDOMINATINGABSORPTION

LARGE

SMALL

FIGURES|OFFICEOUTLOOK|Q42025

15CBRERESEARCH©2026CBRE,INC.

officesectorpoisedforcontinuedmomentum;strongfundamentalstopersist

India'sofficesectorunderwentaphaseofresilientexpansionin2025,surpassingthepreviousyear'srecordleasingactivityandpositioningitselfforanevenstrongerperformancein2026.Despitearapidlyshifting

globalbackdrop,markedbygeopoliticaluncertaintiesandchallengessurroundingcross-bordertalent

mobility,thesectorcontinuestodemonstratestrongfundamentals.Thisisbeingdrivenbysteady

investmentandtheportfolioexpansionstrategiesofglobalanddomesticcompanies,underpinnedbytheirongoingdigitisationefforts.

MajormarketssuchasBengaluru,Delhi-NCR,Mumbai,andHyderabadareexpectedtomaintaintheir

dominanceinofficespaceabsorptionduringtheyear.Additionally,chennaiandpunearelikelytocontinuegainingtraction,fuelledbytheirhealthysupplypipelinesanddiversifiedtalentpools.Leasingmomentumisalsoanticipatedtoexpandtotier-Ilcitiesasoccupiersseektostrategicallygrowtheirfootprintsbeyondthegatewaycities.

ThetechnologysectorislikelytocontinuedrivingIndia'sofficeleasingactivity,focussingonhiring

specialisedtalentinadvanceddomainssuchasartificialintelligence(AI),machinelearning(ML),data

analytics,andcloudcomputing.Entrenchedsectors,suchasE&MandBFSI,wouldremainactive,whilefirmsinnicheindustriessuchaslifesciences,semiconductors,andautomotive,arealsolikelytowitness

continuedexpansion.Furthermore,theflexibleworkspacemarketissetforrobustgrowthascorporatesincreasinglyintegratethesespacesintotheirlong-termgrowthstrategiestoenhancescalability,andtomanageriskandcostsefficiently.

Theleasingappetiteofdomesticcompaniesisexpectedtoremainhealthy,supportedbyacceleratingtechintegrationandtheexpansionoftheirserviceandproductportfolios.TheofficesectorwouldcontinuetowitnesssteadydemandfromdomestictechfirmsalongsideIndianbankingandfinancialservices

companies.

Gccssettoremainaleadingforceinspaceabsorption

GlobalfirmsarepoisedtoexpandtheirfootprintinIndiathroughtheirGCCS,buoyedbythecountry's

inherentadvantages,includingahighlyskilledtalentpoolandcostdifferentials.Gccsareprojectedto

drive~35-40%oftotalspaceabsorptionin2026,withnewgrowthexpectedfrommid-marketentities*,

globalunicorns,andemergingsectors.Despiteexistinguncertainties,globalfirmscontinuetoviewIndiaasastrategicdestinationfortheirmulti-functionalhubsdeliveringinnovationandenterpriseleadership.

Beyondthetechnologysector,leasingbyGccsisexpectedtobedrivenbyBFSIandE&Mfirms,fuelledbyacceleratinginvestmentsinenterprise-levelAIandfuture-readytalent.simultaneously,nicheindustries

suchassemiconductors,aerospace,automotive,andlifesciencesareanticipatedtosustainstrongGCCgrowth,drivenbyrapiddigitisationandintensifiedR&Dactivity.

whileu.s.companiesremaintheprimarydriversofGccdemand,occupiersfromtheEMEAandAPAC

regionsareincreasinglyestablishingoperationsinIndia.Thisshiftisinfluencedbytheprovensuccessesofexistingcentresandtherapidgrowthofthecountry'sdigitallyskilledtalentpool.

Institutional-gradeassetsexpectedtoanchor'flight-to-quality'shift

Theofficesectorispoisedforasteadypipelineofpremium,institutional-gradeassetsin2026,withalargeshareofcompletionsconcentratedwithinintegratedtechparksacrossthekeycitiesofBengaluru,

Hyderabad,andDelhi-NCR.Developersareincreasinglydeliveringpremiumgreen-certifiedofficespacesthatalignwithoccupiers'prioritiesregardingoperationalscalability,employeeexperience,andlong-termbusinessgoals.High-quality,well-amenitisedsupplywithcomprehensivehealthandwellnessfeaturesinprimelocationswouldbecriticaltosustainingdemand.

occupiersareexpectedtocontinueseekingtech-integrated,sustainablebuildingswithmulti-functional

commonspacesandproximitytotransportinfrastructure.organisationsarealsoinvestinginworkTechandadoptingagileworkspacestrategies,featuringreconfigurablelayoutsandhospitality-drivenemployee

experiences.

sustainabilityasamarketnorm:Agrowingemphasis

sustainabilityhasbecomeadefiningfeatureofpremiumofficedevelopments,withoccupiersincreasinglytreatingLEEDandIGBccertificationsastheminimumstandardformeetingtheirESGcommitments.

Notably,developersarenowadvancingbeyon