JLL India Commercial Real Estate Market Report

Gross office leasing across India’s top seven commercial real estate markets reached an all-time nine-month high of 61.06 million square feet (sq ft) during January–September 2026, according to a assessment by JLL India. Net absorption also set a new record for the period at 41.96 million sq ft, expanding 5.3% year-on-year (YoY). Demand was heavily anchored by Global Capability Centres (GCCs), which leased 26.2 million sq ft—a 30.6% YoY surge—representing 42.9% of total absorption. Meanwhile, flexible workspace operators posted their highest-ever nine-month leasing volume of 13.83 million sq ft. Market momentum accelerated significantly in the July–September quarter, with gross leasing jumping 40.9% sequentially to 23.17 million sq ft. Bengaluru led all metropolitan hubs with 17.11 million sq ft of gross leasing (up 15.4% YoY), followed by Hyderabad at 9.93 million sq ft (up 32%), Mumbai at 8.75 million sq ft (up 17.7%), and Pune at 8.25 million sq ft (up 31.6%). New office completions reached a post-COVID peak of 43.7 million sq ft, yet strong space absorption kept overall market vacancy at 14.8%—down 90 basis points YoY. Notably, Mumbai and Delhi-NCR recorded their lowest vacancy rates in 16 and 15 years, respectively. JLL India CEO Radha Dhir projected that annual gross leasing could reach 100 million sq ft over the next two to three years as GCC expansion accelerates, while Brookfield India REIT CEO & MD Shashank Jain emphasized that occupiers are prioritizing premium workplace quality, operational efficiency, and top-tier talent access. DLF