Office leasing in the first half of CY 2026 grew 5 per cent year on year to 43 million square feet, consultancy Cushman & Wakefield has said.
This is the highest ever leasing volume in the first half of a calendar year and has been achieved despite prevailing global macroeconomic uncertainty. Demand was led by global capability centres (GCCs) and it reflects the structural strength of India’s office market, it said on Saturday.
GCCs remained the principal growth engine of India’s office market, leasing approximately 16.5 million square feet during H1 2026, accounting for 38 per cent of total leasing activity and marking a robust around 38% YoY increase.
Bengaluru, Pune, Delhi NCR and Mumbai together accounted for nearly 80 per cent of total GCC leasing during the first half of the year.
Supply additions across the top eight cities stood at approximately 21 million square feet in H1 2026, reflecting a 10 per cent YoY decline. The supply momentum in Q2 2026 saw a 40 per cent QoQ increase, with new completions reaching around 12 million square feet.
“The first half of 2026 highlights a market where demand continues to outpace the availability of quality office space across several key locations. There is an active demand of around 80 million square feet in the market and with vacancy levels falling to their lowest point since the pandemic, occupiers are increasingly evaluating space requirements well in advance, particularly in markets where availability of quality assets is becoming more constrained,” said Veera Babu, Executive Managing Director, Tenant Representation – India, Cushman & Wakefield.
Published on July 4, 2026
