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debt to EBITDA

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India’s flex workspace stock across the top seven cities is expected to cross 100 million sq ft by 2027, with penetration rising to 10.5%, driven by strong enterprise demand, GCC expansion, and rapid growth in Bengaluru, Pune, and Chennai.

Net Office Leasing in India to Cross 50 Million sq ft in FY26

India’s Grade A office leasing market is poised for a historic high, with net leasing expected to cross 50 million sq ft in FY26, according to CRISIL Ratings. Strong demand from GCCs, BFSI, and flex operators, along with prudent leveraging by developers, is set to improve vacancy rates, cash flows, and credit metrics across the commercial real estate sector.