This exceeds previous peak last year by 7.8% Year-on-Year (Y-O-Y), with Q4 alone reaching an all-time quarterly high of 26.8 million sq. ft.
News release
15 January 2026
India’s office market scales unprecedented highs with gross leasing activity at 83.3 million sq. ft for the year 2025: JLL
Domestic occupier activity was driven by indigenous flex firms which leased ~18 million sq. ft in 2025 which was their best-performance across years.
On an overall basis, Flex was the leading occupier segment for the second quarter in a row with its share in the Q4 leasing hitting the highest ever at 26.6%, followed by Tech 21.2%. For full year 2025, Tech remained the driver of leasing activity with a 25.8% share, followed by Flex with 21.5%. Manufacturing/Industrial and BFSI had near similar shares of 15.4% and 15.2% in 2025’s leasing volumes. In absolute terms, Flex and Consulting segments had their best-ever year in terms of leasing.
Vacancy drops to 15.2%, down 50 bps Q-o-Q and lowest in five years
It is worth noting that India’s office market continues to defy the global trends of workspace contraction. With the headcount and footprint growth-oriented demand resulting in the strongest net absorption historically for Pan-India, vacancy has now declined to a five-year low with tight, single-digit vacancies prevailing in core markets across all cities. On a q-o-q basis, vacancy declined across all cities. In fact, Bengaluru’s vacancy is now at a four-year low while it is at a historic low in Mumbai and Delhi NCR in the past fifteen years.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 113,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.