India's Office Market Posts Its Best Nine Months Ever, With Hyderabad in the Lead
Office leasing across India's top nine cities reached a record 66.4 million sq ft in January-September 2026, up 8% from a year earlier and the highest for any nine-month period, according to CBRE. The nine cities are Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Pune, Chennai, Kolkata, Ahmedabad and Kochi.
The GCC effect
Global capability centres (GCCs) leased about 28 million sq ft, up 16%, which is roughly 42% of all absorption.
Q3 by city
- Hyderabad: about 5.3 million sq ft, the highest
- Bengaluru: 4.9 million sq ft
- Delhi-NCR: 4.4 million sq ft
- Mumbai: about 2.6 million sq ft
- Chennai: 1.9 million sq ft
- Pune: 1.4 million sq ft
The top three cities made up about 69% of the quarter's leasing.
Supply is racing too
New completions hit about 19 million sq ft in Q3, 26% higher than a year earlier, taking nine-month additions to a record 51 million sq ft. Hyderabad led new supply with about 10.2 million sq ft in the quarter, followed by Bengaluru (3.9) and Pune (2.7).
How this differs from Colliers
Colliers, which tracks seven cities, reported 54.4 million sq ft for the same nine months and 18.7 million sq ft in Q3. CBRE's number is bigger because it covers nine cities and defines its data differently. The two agree on the main points: record demand and GCC leadership.
What to watch
CBRE says January-September already equals nearly 80% of last year's full-year total, so a fourth record year looks likely. Heavy new supply in Hyderabad is worth watching for any effect on vacancies and rents.