India’s office real estate sector continues to defy global economic uncertainties, delivering a record-breaking gross leasing of 39.45 million sq ft in the first half of 2025, up 17.6% from a year ago. With this, the year is shaping up to be the best-ever for domestic demand as corporate India signals long-term confidence in growth prospects, according to JLL India.
The performance was buoyed by an exceptionally strong second quarter, where leasing volumes touched 20 million sq ft, marking the best second quarter ever.
Global occupiers led the momentum, accounting for 61.5% of leasing volumes during the quarter, underscoring India’s growing stature as a global talent hub. Domestic firms also demonstrated strong activity, leasing 7.7 million sq ft.
“India's office market is defying global economic headwinds with remarkable resilience, as evidenced by record-breaking gross leasing of 39.45 million sq. ft in H1 2025—a robust 17.6% on-year increase,” said Samantak Das, Chief Economist and Head of Research and REIS, India, JLL. “With the top seven cities consistently delivering approximately 21 million sq. ft per quarter, India has cemented its position as a mission-critical destination in multinational corporations' global strategies.”
This exceptional performance, driven by global occupiers who account for 61.5% of quarterly transactions, according to him, puts the market on trajectory to surpass an unprecedented 80 million sq. ft annually.
Bengaluru led demand for the fifth consecutive quarter, accounting for 37.6% of the quarter’s leasing activity, registering its second-highest quarterly volume after fourth quarter of 2024. Delhi-NCR followed with a 20.8% share. All major cities recorded higher or stable year-over-year performance, except Kolkata.
“The technology sector's resurgence to a three-year high market share of 30.3% in H1, combined with GCC activity breaking all previous Jan-June period records, signals India's commercial real estate dynamics to be in a very healthy state,” said Rahul Arora, Head - Office Leasing & Retail Services, and Senior Managing Director (Karnataka, Kerala), India, JLL. “Tech firms have already taken up 9.1 million sq. ft in H1 2025—75% of their entire 2024 footprint—signaling a pivot toward innovation-driven expansion. The tech sector reclaimed a 30.3% share, with GCC activity reaching record highs.”
GCCs leased 13.85 million sq. ft in H1 2025—up 30.8% y-o-y—led by BFSI and manufacturing, which together made up 55.6% of their share. Bengaluru accounted for over 41% of total GCC demand.
Net absorption rose 26.6% y-o-y in H1 to 23.9 million sq. ft—its highest level ever for the first half of any year. Q2 alone saw 11.13 million sq. ft in net absorption.
With average quarterly leasing at ~21 million sq. ft over the past year, India’s office market is on course to surpass 80 million sq. ft in 2025. Strong demand from GCCs, tech and BFSI sectors, paired with tight vacancy and active supply pipelines, point to sustained growth amid global headwinds.
The performance was buoyed by an exceptionally strong second quarter, where leasing volumes touched 20 million sq ft, marking the best second quarter ever.
Global occupiers led the momentum, accounting for 61.5% of leasing volumes during the quarter, underscoring India’s growing stature as a global talent hub. Domestic firms also demonstrated strong activity, leasing 7.7 million sq ft.
“India's office market is defying global economic headwinds with remarkable resilience, as evidenced by record-breaking gross leasing of 39.45 million sq. ft in H1 2025—a robust 17.6% on-year increase,” said Samantak Das, Chief Economist and Head of Research and REIS, India, JLL. “With the top seven cities consistently delivering approximately 21 million sq. ft per quarter, India has cemented its position as a mission-critical destination in multinational corporations' global strategies.”
This exceptional performance, driven by global occupiers who account for 61.5% of quarterly transactions, according to him, puts the market on trajectory to surpass an unprecedented 80 million sq. ft annually.
Bengaluru led demand for the fifth consecutive quarter, accounting for 37.6% of the quarter’s leasing activity, registering its second-highest quarterly volume after fourth quarter of 2024. Delhi-NCR followed with a 20.8% share. All major cities recorded higher or stable year-over-year performance, except Kolkata.
“The technology sector's resurgence to a three-year high market share of 30.3% in H1, combined with GCC activity breaking all previous Jan-June period records, signals India's commercial real estate dynamics to be in a very healthy state,” said Rahul Arora, Head - Office Leasing & Retail Services, and Senior Managing Director (Karnataka, Kerala), India, JLL. “Tech firms have already taken up 9.1 million sq. ft in H1 2025—75% of their entire 2024 footprint—signaling a pivot toward innovation-driven expansion. The tech sector reclaimed a 30.3% share, with GCC activity reaching record highs.”
GCCs leased 13.85 million sq. ft in H1 2025—up 30.8% y-o-y—led by BFSI and manufacturing, which together made up 55.6% of their share. Bengaluru accounted for over 41% of total GCC demand.
Net absorption rose 26.6% y-o-y in H1 to 23.9 million sq. ft—its highest level ever for the first half of any year. Q2 alone saw 11.13 million sq. ft in net absorption.
With average quarterly leasing at ~21 million sq. ft over the past year, India’s office market is on course to surpass 80 million sq. ft in 2025. Strong demand from GCCs, tech and BFSI sectors, paired with tight vacancy and active supply pipelines, point to sustained growth amid global headwinds.
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