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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Office leasing in India’s top 7 cities up 15% in Q1 2025
office leasing across the top seven cities reaching 15.9 million square feet in the first quarter. This represents a 15% year-on-year (YoY) increase, driven by strong demand for Grade A office spaces.
Bengaluru and Delhi-NCR led the leasing activity, collectively accounting for nearly 50% of total transactions and absorbing two-thirds of new supply introduced during the quarter. Among other key markets, Chennai witnessed a significant 93% surge in leasing, doubling its Q1 2024 absorption levels. The city’s strong performance was primarily fueled by major technology firms signing large deals.
Some of the major leasing deals during the quarter includes Applied Materials leasing 835,000 sq ft in ITPL, Whitefield (Bengaluru), Tata Consultancy Services taking up 690,000 sq ft in Ozone Tech Park, OMR (Chennai), JP Morgan Chase & Co. leasing 559,700 sq ft in Embassy Tech Village, ORR (Bengaluru), Walmart securing 465,400 sq ft in CapitaLand, Radial Road (Chennai), Intuit leasing 456,700 sq ft in Embassy Tech Village, ORR (Bengaluru)
With leasing demand outpacing supply in most key cities, the overall vacancy rate dropped by 120 basis points (bps) YoY to 16.2%, indicating a healthy absorption trend across India’s commercial real estate sector.
Among the major cities, Bengaluru remained the largest contributor, recording a 13% YoY increase in leasing volumes. Delhi-NCR followed closely, with a 32% rise, marking its highest quarterly absorption in over two years.
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Chennai stood out as the biggest gainer, with
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