Mumbai: The year 2025 established yet another new record for the India’s office market with 83.3 million square feet of gross leasing volumes for the full year, according to a report released on Tuesday. With global firms accounting for a robust 58.4 per cent share, India’s position as a strategic business hub offering genuine structural tailwinds was reaffirmed during a period marked by global uncertainties, said the JLL report.
The cities of Bengaluru, Hyderabad, Pune, and Mumbai recorded their best-ever year in gross leasing terms, showcasing broad-based and secular demand across multiple industry segments. According to the report, gross leasing in other cities was also higher year-over-year or at near-similar levels compared to the previous year. This strongly indicates demand dispersion as occupier strategies evolve in a dynamic environment.
Global Capability Centres (GCCs) established themselves as the dominant force in India’s office leasing market in 2025, capturing a commanding 37.7 per cent share of gross leasing activity and achieving record-breaking 31 million square feet of space absorption — the highest annual figure ever recorded for this segment. “This exceptional performance was complemented by the Flex segment reaching unprecedented heights with a 26.6 per cent share in Q4 2025, marking its highest quarterly contribution to date,” said Rahul Arora, Head-Office Leasing and Retail Services, Senior Managing Director (Karnataka, Kerala), India, JLL.
Tech maintained its position as the full-year leader with 25.8 per cent of total leasing volumes, while Manufacturing/Industrial (15.4 per cent) and BFSI (15.2 per cent) segments demonstrated nearly equal market participation. Bengaluru remained the undisputed destination for global firms, strongly displaying its leadership status with a 29.0 per cent share in gross leasing for 2025.
It was followed by Delhi-NCR with a 20.9 per cent share and Mumbai and Hyderabad following with near-identical shares of 14 per cent each, said the report. “With this momentum and our strong deal pipeline, India’s leasing volumes are well-positioned to potentially reach the 100 million sq. ft milestone within the next two years,” said Dr Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.
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