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Bengaluru emerged as the top city for office space leasing in the first quarter of 2025, largely fueled by demand from Global Capability Centres (GCCs), according to the CBRE South Asia’s report ‘CBRE India Office Figures q1 2025’. The city saw leasing activity of 4.8 million square feet, the highest among nine major Indian cities.
Also Read: Bengaluru leads India’s office leasing market in 2024 with 21.8 million sq ft of space
Bengaluru accounted for 40% of the GCC-related leasing during this period, followed by cities like Mumbai, Delhi, Hyderabad, Chennai and others.
Across India, the office sector witnessed a gross absorption of 18 million square feet from January to March 2025 marking a 5% year-on-year growth. Bengaluru, Delhi NCR and Mumbai collectively contributed to around 64% of this leasing activity.
In terms of sectors, technology led the way with 33% of total leasing, followed by engineering and manufacturing at 24% and banking, financial services and insurance (BFSI) at 18%. The BFSI segment showed remarkable growth with over 100% year-on-year increase, taking up 26% of total office leasing. GCCs were behind 57% of this BFSI leasing with American banks leading at 48%, trailed by domestic banks at 31%. Notably, American BFSI firm were responsible for 70% of GCC related leasing in the BFSI segment, with Mumbai and Delhi contributing 60% of this demand.
Overall, GCCs played a central role in the office leasing momentum, accounting for 45% of the total quarterly leasing, around 8 million square feet and registering a 66% year-on-year growth. After Bengaluru, Delhi took 24% of the GCC leasing share, followed by Chennai (14%), Hyderabad (10%), Mumbai (6%) and Pune (5%).
It can be noted that as multinational companies consolidate operations, and sectors like BFSI and technology continue to expand, India’s position as a global business hub is being reinforced. With ongoing investments and a maturing office market, the outlook for the sector remains strong and resilient.
