Vacant Office Stock Rises Amid Robust Demand

As of Q1 2025, Hyderabad leads the nation with a staggering 28 million square feet (Mn sq ft) of vacant office stock, the highest among the top seven cities. This is largely due to the city’s trend of seeing new office space completions surpass absorption for five consecutive years. Despite the steady demand from key sectors like IT, BFSI, and Flex Spaces, a significant pipeline of upcoming office supply in 2025 is expected to push this vacant stock even higher.

Interestingly, across the rest of the country, office leasing activity remained relatively strong, though the total construction activity saw a slowdown of 39% compared to the previous quarter, as well as a 12% decline year-over-year. The overall slowdown can be attributed to a lack of new office supply in cities like Hyderabad and minimal additions in Chennai, Mumbai, and Kolkata.

Absorption and Completions Overview

The first quarter of 2025 saw a notable rise in absorption across the major office markets in India, despite the macroeconomic uncertainties. The pan-India absorption figure rose by 34% compared to the same period in 2024, reaching 17.96 Mn sq ft. This rise was predominantly driven by an uptick in real estate activities in western cities, including Mumbai and Pune.

Here’s a detailed breakdown of the absorption and new completions across the major cities:

City-wise Trends in Absorption and New Completions

• Bengaluru led pan-India absorption with 4.08 Mn sq ft in Q1 2025, followed closely by Mumbai, with 3.99 Mn sq ft. Kolkata saw a notable surge in absorption, increasing by 289% over the previous quarter, but its overall absorption remained at 0.23 Mn sq ft.
• The absorption rate in Pune saw a dramatic rise of 276%, which significantly boosted its share of pan-India absorption, jumping from 5% in Q1 2024 to 15% in Q1 2025.
• Chennai recorded the largest drop in absorption, with a 52% year-on-year decline, resulting in a lower market share of 9% in Q1 2025, down from 25% a year earlier.
• NCR saw a 100% year-on-year increase in new office completions, reaching 2.6 Mn sq ft in Q1 2025.

IT and Flex Spaces Drive Demand

The demand for office spaces in India continues to be predominantly driven by sectors like IT-ITeS, GCCs (Global Capability Centers), BFSI, and Flex Spaces. In particular, Bengaluru dominated the absorption by GCCs, with a 39% share in Q1 2025, which represented significant growth both on a quarter-over-quarter and year-over-year basis.

The impact of artificial intelligence on the IT sector is notable, with IT-ITeS continuing to account for a large share of the absorption activity across major cities.

Conclusion: A Mixed Outlook for India’s Office Market

While overall leasing activity remains strong, the office market in India faces a nuanced picture. Hyderabad’s vacant office stock reflects the challenge of balancing new supply and absorption. With a strong pipeline of office space set to come online in 2025, this dynamic is expected to continue. On the other hand, the increase in absorption, particularly in cities like Bengaluru, Mumbai, and Pune, signals ongoing demand for office space despite broader economic challenges.

As Shrinivas Rao, CEO of Vestian, aptly put it, “Demand for office spaces by GCCs, IT-ITeS, BFSI, and Flex Spaces is expected to swell in the forthcoming quarters, ensuring the growth momentum continues in India’s office market.”

Also Read: Green Building Boom: India’s Real Estate Moves Towards a Greener Skyline

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Office Segment Leads Investment Inflows

The office segment remained the dominant asset class, accounting for one-third of the total inflows with investments totaling USD 0.4 billion. Hyderabad emerged as the prime location for office investments, attracting over half of the segment’s capital during Q1 2025.

Strong Growth in Residential and Industrial Segments

Residential investments soared nearly threefold compared to Q1 2024, reaching USD 0.3 billion and contributing 23% to the total inflows. Foreign investments accounted for over half of the residential capital, driven by significant large-scale deals and joint ventures between global investors and local developers.

The industrial and warehousing segment also maintained momentum, recording USD 0.3 billion in investments—representing a 73% YoY increase. The positive performance of macroeconomic indicators, including a high Manufacturing PMI of 58.1 in March 2025, boosted investor confidence in the segment.

Rise of Alternate Assets

Investment inflows into alternate assets, such as data centers and senior housing, remained strong at USD 0.07 billion. Data centers, in particular, gained traction, supported by capital deployment in a proposed hyperscale data center in Mumbai.

City-wise Investment Breakdown

Mumbai led the city-wise investment share with USD 0.3 billion, accounting for 22% of total inflows—a remarkable 841% YoY growth. Bengaluru and Hyderabad followed, with 20% and 18% shares respectively. Multi-city deals also constituted a significant 31% of overall investments.

Expert Insights

Badal Yagnik, CEO of Colliers India, noted, “Institutional investors continue to exhibit confidence in Indian real estate as investments rose by 31% YoY to USD 1.3 billion in Q1 2025. The sustained momentum, supported by strong economic growth and favorable policies, is expected to continue throughout the year.”

Vimal Nadar, Senior Director and Head of Research at Colliers India, added, “The residential segment has seen a significant surge in demand, driven by rising luxury housing trends and strategic joint ventures between global investors and local developers. The potential reduction in repo rates could further stimulate mid and affordable housing investments.”

Outlook for 2025

Experts anticipate that the positive investment momentum will persist, bolstered by optimistic economic projections, robust demand, and proactive government measures. The anticipated easing of monetary policy may further catalyze investments, especially in residential and industrial segments.

Also Read: APAC Investor Optimism to Drive Institutional Investments in Indian Real Estate in 2025

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Among the top seven cities, Noida’s Sector-150 saw the highest jump in capital values, surging by 128%, while rental values in the area increased by 66%. Similar trends were observed in major cities like Hyderabad, Mumbai Metropolitan Region (MMR), Bengaluru, and the National Capital Region (NCR), where home prices rose faster than rental values.

Top Markets Where Home Prices Outpaced Rent Growth

• Noida (Sector-150): Capital values soared by 128%, while rental values rose by 66%.
• NCR (Sohna Road): Property prices increased by 59%, with rental growth at 47%.
• Mumbai (Chembur & Mulund): Capital values rose by 48% and 43%, respectively, while rental appreciation was lower at 42% and 29%.
• Hyderabad (HITECH City & Gachibowli): Capital values increased by 62% and 78%, compared to rental growth of 54% and 62%, respectively.
• Bengaluru (Thanisandra Main Road): Home prices climbed by 67%, while rental values grew 62%.

Where Rents Rose Faster Than Home Prices

In contrast, cities like Pune, Kolkata, and Chennai saw rental values increase more than property prices.

• Pune (Hinjewadi & Wagholi): Rental values grew 57% and 65%, while capital appreciation was 37% in both areas.
• Kolkata (EM Bypass & Rajarhat): Rents increased by 51% and 37%, while property values appreciated by 19% and 32%.
• Chennai (Pallavaram & Perambur): Rental growth outpaced capital value growth by 44% vs. 21% and 36% vs. 23%, respectively.

What This Means for Homebuyers and Investors

The report highlights that investors looking for long-term property appreciation should focus on cities where capital values are rising faster. Meanwhile, those prioritizing rental income should consider markets where rental values are growing steadily.

“More than ever, investors must align their strategy with specific locations,” says Anuj Puri, Chairman – ANAROCK Group. “Those looking for long-term capital appreciation can target markets with high appreciation, while rental-focused investors should focus on areas where rents are rising consistently.”

This trend underscores a key decision for homebuyers—whether to buy or rent—based on how property prices and rental values are evolving in their preferred locations.

SFI Analysis

The latest ANAROCK data reveals a clear trend: in key Indian cities, home prices are rising faster than rental values, making ownership more lucrative in select markets. Noida’s Sector-150 saw a massive 128% increase in capital values, while Hyderabad, NCR, and MMR also witnessed strong property price growth. In contrast, cities like Pune, Kolkata, and Chennai experienced higher rental appreciation than capital growth. This divergence suggests that investors should focus on capital growth markets, while rental-focused buyers should target cities where rents are rising steadily. The data underscores the importance of location-specific investment strategies for homebuyers and investors alike.

Also Read: Rising property prices have boosted present homeowners’ home equity

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Mumbai, 23rd January 2025: Net absorption of commercial office space across India’s top six markets is projected to exceed 60 million square feet (msf) in FY2026, the highest ever, according to a report by ICRA. The cities—Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai Metropolitan Region (MMR), and Pune—are expected to achieve a 3-4% increase in absorption over FY2025’s estimated 59-60 msf.

Despite a surge in new office space supply of 125-130 msf across FY2025 and FY2026, vacancy levels are anticipated to decline to 14-14.5% by March 2026, marking a multi-year low. This trend is driven by robust demand from global capability centers (GCCs), domestic corporates, increased physical occupancy in offices, and revival in IT-SEZ spaces due to regulatory changes.

“Leasing activity has remained resilient, with net absorption reaching approximately 54 msf in FY2024 and 44 msf during the first nine months of FY2025. Vacancy levels dropped by 70 basis points to 14.7% as of December 2024, compared to March 2024. By March 2026, occupancies in the top six markets are expected to reach a decade-high of 85.5-86%,” said Anupama Reddy, Vice President and Co-Group Head – Corporate Ratings, ICRA.

India’s Office Market Resilient Amid Global Slowdown

The Indian office market has defied global economic sluggishness due to its cost-effective, highly skilled workforce, a growing domestic economy, and competitive rental prices. These factors continue to attract global firms, strengthening India’s position as a preferred real estate investment destination.

ICRA expects the credit profiles of office space operators to remain stable, supported by an increase in net operating income (NOI). The debt-to-NOI ratio for operators is forecasted to improve to 3.9-4x by March 2026, compared to 4.3-4.4x by March 2025. Debt service coverage ratios (DSCR) are projected to rise to 1.45-1.5x in FY2026 from 1.35x in FY2025.

Retail Malls See Growth Amid Challenges

Retail mall operators are also expected to witness growth, with rental income projected to increase by 7-8% year-on-year in FY2025 and 8-9% in FY2026. New mall supply of 9-9.5 msf each year in FY2025 and FY2026 is expected to stabilize vacancy levels at 21% as of December 2024 and maintain occupancy rates of 79-80% through March 2026.

“Retail consumption growth is expected to moderate to 6-7% in FY2025 due to the General Elections, weather disruptions, and the impact of extended monsoons. However, a rebound is anticipated in H2 FY2025, driven by the festive and wedding seasons. Segments such as food, apparel, accessories, and hypermarkets will continue to drive growth,” added Reddy.

Despite the positive outlook, challenges persist for retail mall operators, including the growing competition from e-commerce and q-commerce platforms, which are increasingly impacting even premium brands in the fashion segment.

ICRA estimates the debt-to-NOI ratio for mall operators to improve to 4.2-4.5x by March 2026 from 4.6-4.8x in March 2025, driven by rising NOI levels. DSCR is expected to remain stable at 1.45-1.5x during FY2025-FY2026, indicating a healthy financial outlook for the sector.

Conclusion

The sustained growth in India’s office and retail real estate markets underscores the country’s resilience and potential as a global investment hub, driven by its robust economic fundamentals and growing demand for quality commercial spaces.

Bengaluru office demandAlso Read:

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Despite a slight decline in overall unit sales by 3%, the total sales value has surged by 18%, underscoring a growing demand for luxury homes. In H1 FY2025, approximately 2,27,400 units worth INR 2.79 lakh crore were sold, compared to 2,35,200 units valued at INR 2.36 lakh crore in H1 FY2024.

NCR Leads the Growth

The National Capital Region (NCR) saw the highest growth in average ticket size, up by 56%, from INR 93 lakh in H1 FY2024 to over INR 1.45 crore in H1 FY2025. In this period, NCR sold 32,120 units worth INR 46,611 crore, compared to 32,315 units worth INR 30,154 crore in the previous year. While the number of units sold remained almost the same, the sales value saw a sharp 55% increase.

Steady Growth Across Other Cities

Bengaluru witnessed a 44% jump in average ticket size, from INR 84 lakh in H1 FY2024 to INR 1.21 crore in H1 FY2025. The city saw approximately 31,381 units sold, with a total sales value of INR 37,863 crore, compared to 31,440 units worth INR 26,274 crore in the same period last year.

Hyderabad also saw a significant rise, with the average ticket size increasing by 37% from INR 84 lakh to INR 1.15 crore. The city’s total sales value rose from INR 25,059 crore in H1 FY2024 to INR 31,993 crore in H1 FY2025, although unit sales slightly dropped from 29,940 to 27,820 units.

Chennai and Pune also experienced growth, with average ticket sizes rising by 31% and 29%, respectively. In Chennai, the average price increased from INR 72 lakh to INR 95 lakh, while in Pune, it rose from INR 66 lakh to INR 85 lakh. Both cities saw a dip in the number of units sold, but the sales value remained higher compared to the previous year.

Mumbai Remains Stable

Mumbai, which traditionally sees some of the highest property prices, reported no change in the average ticket size, which remained steady at INR 1.47 crore. The city saw an increase in sales value, from INR 1.12 lakh crore in H1 FY2024 to INR 1.14 lakh crore in H1 FY2025, with unit sales growing marginally from 76,410 to 77,735 units.

Kolkata Sees a Dip in Sales

In contrast to other cities, Kolkata experienced a modest 16% rise in the average ticket size, from INR 53 lakh to INR 61 lakh. However, the number of units sold fell sharply from 11,095 to 8,620, and the total sales value decreased from INR 5,851 crore to INR 5,265 crore.

Conclusion: A Shift Toward Luxury Homes

ANAROCK’s Chairman, Anuj Puri, commented, “The trend toward luxury homes continues to dominate the market, as evident from the rising ticket sizes across major cities. While the overall number of units sold has seen a slight dip, the total sales value has reached new heights, driven by the growing demand for high-end residential properties.”

The data highlights a continuing shift in India’s real estate market toward larger and more expensive homes, driven by post-pandemic demand and an increasingly affluent buyer base. As cities continue to recover from the pandemic’s impact, the luxury housing segment is poised for sustained growth.

Also Read: Lifestyle Amenities Redefine Luxury in Delhi-NCR’s Real Estate Market

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The report identifies Pune, Thane/Navi Mumbai, and Gurugram as preferred investment locations for those aged 18-24, driven by established employment hubs and aspirational value. Gurugram, for instance, saw a 17.4% year-on-year increase in demand, with prices rising 32.5% to reach Rs 14,650 per square foot. The under-construction supply in this area also expanded by 35.85% in Q3 2024.

For the 25-34 age group, cities such as Hyderabad (HSI 180), Ahmedabad (HSI 171), and Noida/Greater Noida (HSI 169) are gaining traction due to infrastructure growth and high demand. Hyderabad experienced a 3.2% quarter-on-quarter growth, with average rates reaching Rs 8,188 per square foot in Q3 2024. Ahmedabad offers a more budget-friendly option, with average prices around Rs 5,927 per square foot, particularly in popular micro-markets like SG Highway and Bopal, where prices range from Rs 5,500 to Rs 7,900 per square foot.

Noida/Greater Noida has emerged as a prime investment hub, with residential rates nearly doubling to Rs 11,625 per square foot over the past year. The under-construction segment has seen significant growth, with prices soaring 69% year-on-year, rising from Rs 7,547 per square foot in Q3 2023 to Rs 12,758 per square foot in Q3 2024.

This shift in young homebuyers’ preferences underscores the evolving landscape of the real estate market in India, with a clear focus on affordability, infrastructure, and aspirational living.

Also Read: Metro Line 3: A Game-Changer for Mumbai’s Real Estate Landscape

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Bengaluru and Hyderabad were the driving forces behind this surge, together accounting for over half of the quarterly space uptake. Bengaluru recorded its highest-ever quarterly leasing at 6.3 million square feet, while Pune witnessed a remarkable 160% increase with 2.6 million square feet leased, compared to Q3 2023.

New office supply also kept pace with demand, with completions totaling 14.4 million square feet in Q3 2024, a 33% increase year-on-year. Bengaluru and Hyderabad contributed significantly to this new supply, while Delhi-NCR saw its highest quarterly infusion in the last two years, adding 3.3 million square feet, primarily in the South Delhi micro-market.

“Office demand across various sectors has been impressive over the past few years, resulting in new leasing highs,” stated Arpit Mehrotra, Managing Director of Office Services, India, at Colliers. He noted that large-sized deals of over 100,000 square feet constituted 65% of total leasing in Q3 2024, highlighting the confidence occupiers have in the market.

The technology and BFSI sectors continued to lead the demand for office space, with the tech industry driving approximately 25% of the overall demand in Q3. Flex space leasing also hit a new quarterly high, with 3.4 million square feet leased, accounting for nearly 20% of total leasing activity.

Overall, vacancy rates remained stable, hovering around 17% at the end of Q3 2024, as demand continued to outstrip supply in major markets. With the strong performance of Grade A office leasing, the outlook for the rest of the year remains optimistic, particularly as large enterprises seek to expand their footprints in key urban centers.

Also Read: Flex Spaces to Play Major Role in Office Expansion, Survey Reveals

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According to the report, average residential rentals across these cities have surged by as much as 72% between the end of 2021 and the first half of 2024, while capital values have experienced lower growth rates. Notably, in Bengaluru, Sarjapur Road witnessed a staggering 67% increase in average monthly rentals, compared to a 54% rise in capital values. Similarly, Pune’s Hinjewadi saw rental values climb by 52%, whereas capital values rose just 31%.

Conversely, in regions like the National Capital Region (NCR), Mumbai Metropolitan Region (MMR), and Hyderabad, capital values have outpaced rental growth. For instance, Sohna Road in NCR saw rental values increase by 40% while capital values jumped 54%. In Hyderabad’s HITECH City, rental growth was 46%, but capital appreciation reached 59%.

Dr. Prashant Thakur, Regional Director and Head of Research at ANAROCK Group, stated, “The analysis shows a clear divergence in rental and capital growth trends across various cities. While Bengaluru, Pune, Kolkata, and Chennai are witnessing stronger rental growth, markets in NCR, MMR, and Hyderabad are seeing capital values appreciate more significantly.”

Key Findings

• Bengaluru’s Sarjapur Road: Rentals rose by 67%, capital values by 54%.
• Pune’s Hinjewadi: Rentals increased by 52%, while capital values went up by only 31%.
• NCR’s Sohna Road: Rentals grew by 40%, capital values by 54%.
• Hyderabad’s HITECH City: Rentals increased by 46%, but capital values appreciated by 59%.

Dr. Thakur emphasized that while these data points are crucial in guiding decisions between renting and buying, they represent just one aspect of a multifaceted evaluation. Factors such as job stability, financial situation, lifestyle preferences, and long-term plans significantly influence individual choices.

For example, a potential homebuyer in Bengaluru considering a standard 2 BHK worth INR 1.2 crore with a monthly rent of INR 50,000 faces a dilemma. If they opt to rent, they could end up paying nearly INR 83 lakh over ten years, which is a substantial cost without any asset ownership.

In contrast, purchasing the property with a 20% down payment financed through a home loan could lead to long-term financial benefits, including asset ownership and various tax deductions.

The desire for homeownership has gained momentum, particularly following the COVID-19 pandemic, as many view property ownership as a safeguard against economic uncertainty. Current home loan interest rates, averaging between 8.75% and 9.5%, further support this trend.

As individuals weigh their options, the decision to rent or buy remains deeply personal and contextual, influenced by market conditions and individual circumstances. Dr. Thakur concludes, “Understanding personal preferences and the local market dynamics is essential when navigating the rent versus buy conundrum.”

Also Read: Rents Rise by 2.6% QoQ Across 13 Key Indian Cities; Ahmedabad, Pune, and Kolkata Lead in Rental Yields: Magicbricks Report

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Increased Demand from Engineering, Manufacturing, and BFSI Sectors

The report forecasts that between 2025 and 2027, engineering and manufacturing, along with banking, financial services, and insurance (BFSI) sectors, will each lease approximately 11-12 million square feet of office space annually. This demand will collectively represent about 40% of the total office space market. This marks a notable increase from the previous three years, where these sectors accounted for 8-9 million square feet each.

Shift in Demand Patterns: GCCs as Knowledge and Innovation Hubs

GCCs are anticipated to drive around 40% of annual Grade A office space demand as they evolve into hubs for knowledge and innovation. This shift reflects a broader trend where traditional tech-dominated demand diversifies to include a wider range of occupiers, including those from engineering, manufacturing, healthcare, consulting, and flex spaces.

Leasing Trends Across Key Sectors

The report provides insights into leasing trends:

• Technology: Technology firms are expected to stabilize their space uptake at around 15 million square feet annually, a slight decrease from previous years.
• Engineering & Manufacturing: This sector’s demand is projected to rise to 12 million square feet annually.
• BFSI: The BFSI sector will see a growth in demand, reaching 11.5 million square feet per year.
• Flex Spaces: These are expected to account for 15-20% of total office leasing, with expansion into new geographies.

Regional Demand Insights

Bengaluru continues to lead in office space demand across most sectors, with anticipated annual leasing activity approaching 20 million square feet. However, cities like Hyderabad, Chennai, and Pune are gaining momentum. Hyderabad’s SBD and Chennai’s OMR Zone 1 are particularly noted for their increased traction among technology and BFSI firms.

Changes in Leasing Dynamics Post-Pandemic

The average transaction size has decreased to around 43,000 square feet in 2023, down 11% from 2019. Conversely, the number of deals has increased by 44%, reflecting a shift towards smaller, mid-sized office spaces as companies adopt distributed work models. The volume of flex space and engineering & manufacturing deals has surged by over 70% post-pandemic.

Emergence of Smaller Cities

While the top six cities (Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai, and Pune) remain central to office space demand, smaller cities such as Bhubaneswar, Chandigarh, and Coimbatore are emerging as high-potential growth centers.

Preference for Green-Certified Buildings

Sustainability is a major focus, with approximately 75% of office space take-up in 2024 expected to be in green-certified buildings. Engineering, BFSI, and technology sectors are leading this trend, aligning with broader ESG goals.

Conclusion

Colliers’ report underscores the evolving dynamics of the Indian office market, characterized by a shift towards occupier-driven demand and a heightened focus on sustainability. The findings indicate robust growth potential across various sectors and geographies, offering valuable insights for developers and investors in the commercial real estate sector.

Also Read: Flex Spaces to Play Major Role in Office Expansion, Survey Reveals

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In a troubling development for the Indian real estate market, over 1,600 housing projects have been stalled across the country, leaving more than 5 lakh families in limbo. This crisis has impacted a staggering 511,814 housing units, highlighting a significant issue in the sector.

Breakdown of Stalled Projects Across Major Cities

Tier I Cities:

• Greater Noida: 74,645 units
• Gurugram: 158 projects, 52,509 units
• Noida: 103 projects, 41,438 units
• Ghaziabad: 50 projects, 15,278 units
• Faridabad: 16 projects, 7,060 units
• New Delhi: 1 project, 900 units
• Mumbai: 234 projects, 37,883 units
• Navi Mumbai: 125 projects, 28,466 units
• Thane: 186 projects, 57,520 units
• Pune: 172 projects, 24,129 units
• Bengaluru: 225 projects, 39,908 units
• Kolkata: 82 projects, 24,174 units
• Chennai: 92 projects, 21,867 units
• Hyderabad: 25 projects, 6,169 units

Total for Tier I Cities:

• Projects: 1,573
• Units: 468,035

Tier II Cities:

• Bhiwadi: 13,393 units
• Lucknow: 13,024 units
• Jaipur: 9,862 units
• Bhopal: 7,500 units

Total for Tier II Cities:

• Projects: 109
• Units: 43,779

Grand Total Nationwide:

• Projects: 1,682
• Units: 511,814

The data, sourced from PropEquity, underscores the urgent need for intervention to address the stalled projects and help restore progress in the housing sector.

Also Read: MHADA to Host Webinar on August 19th to Guide Applicants for Mumbai Housing Lottery

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