Overview
- Gross leasing volume held at an all-time high of about 89 million sq ft, with fresh deals comprising roughly 80% of activity.
- New completions climbed to around 53 million sq ft, yet overall vacancy fell by 210 basis points year on year.
- Rents rose across all eight major markets, led by Hyderabad and Mumbai with increases of 12–14%.
- Bengaluru led absorption at 14.4 million sq ft and Delhi-NCR reached 10.9 million sq ft, while Chennai jumped to 7.0 million sq ft and Mumbai slipped to 9.6 million sq ft.
- IT-BPM tenants drove about 31% of leasing and Global Capability Centres took 29.3 million sq ft, roughly one third of annual volume.