India's Office Leasing Market Sees Slight Dip in Q2 2026 Amid Reduced New Supply
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- India's office leasing market experienced a 2% dip in gross leasing during Q2 2026, totaling 17.4 million sq ft across seven major cities, according to Colliers India.
- While Bengaluru, Delhi-NCR, and Hyderabad saw gains, Mumbai, Pune, Chennai, and Kolkata declined, largely due to a 28% fall in new office space supply.
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The office leasing market took a slight step back in the April–June quarter of 2026. Gross leasing of office spaces dipped 2% to 17.4 million sq ft during April–June across seven major cities, down from 17.8 million sq ft in the same period last year, according to Colliers India. But don't hit the panic button just yet. Bengaluru, Delhi-NCR and Hyderabad all posted gains, while Mumbai, Pune, Chennai and Kolkata saw leasing activity fall.
Here's the city-wise breakdown:
Bengaluru led with an 8% rise to 5.2 million sq ft, up from 4.8 million sq ft a year ago.
Delhi-NCR put up an impressive 23% jump, climbing to 2.7 million sq ft from 2.2 million sq ft.
Hydrabad wasn't far behind, rising 19% to 3.8 million sq ft from 3.2 million sq ft.
Mumbai saw the steepest fall. It went down 29% to just 2 million sq ft from 2.8 million sq ft.
Pune slipped 25% to 1.2 million sq ft, Chennai fell 23% to 2 million sq ft, and Kolkata dropped 17% to 0.5 million sq ft.
One big reason behind the overall dip could be the absence of new office space coming to market. Fresh supply of office spaces fell sharply, down 28% to 10.7 million sq ft in Q2, compared to 14.9 million sq ft, in the year-ago period. Less supply means fewer deals to close. While Grade A space uptake moderated slightly in April–June following a robust first quarter, the market largely remained resilient despite ongoing global trade disruptions and economic uncertainties, Colliers noted. In other words, the market took a breath but it's still breathing fine.