Dubai
India’s office real estate market continued to show strong momentum in the July–September quarter of 2026, with gross office leasing across seven major cities rising 9% year-on-year to 18.7 million sq ft, compared with 17.2 million sq ft in the same quarter last year, according to Colliers data.
Delhi-NCR Emerges as a Key Growth Market
Delhi-NCR recorded one of the strongest performances, with office leasing more than doubling to 3.3 million sq ft, up from 1.6 million sq ft a year earlier. This represents approximately 106% year-on-year growth.
Bengaluru remained the largest office leasing market at 5.2 million sq ft, while Hyderabad recorded 2.2 million sq ft, up 47% year-on-year. Kolkata also reported a sharp increase, although from a smaller base.
City | Q3 2026 Leasing | YoY Change |
|---|---|---|
Bengaluru | 5.2 million sq ft | +11% |
Delhi-NCR | 3.3 million sq ft | +106% |
Hyderabad | 2.2 million sq ft | +47% |
Pune | 3.2 million sq ft | -14% |
Mumbai | 2.4 million sq ft | -20% |
Chennai | 2.0 million sq ft | -23% |
What It Means for Delhi-NCR Real Estate
The sharp rise in office demand highlights the growing importance of Gurugram, Noida and other NCR commercial hubs for corporate occupiers.
Strong office absorption can support demand for Grade-A commercial buildings, flexible workspaces, retail and nearby residential properties. Colliers data also indicates that flexible workspace operators leased 4 million sq ft during Q3, up 49% year-on-year.
With office leasing remaining strong through the first nine months of 2026, Delhi-NCR is positioned to remain one of India's important commercial real estate markets.
For businesses, investors and commercial property buyers, the latest leasing numbers point towards continued demand for quality office space across NCR.