Net leasing of office space in Delhi-NCR and Mumbai fell 51 per cent to 3.28 million square feet during January-March period on lower fresh supply, according to Cushman & Wakefield.
The net leasing in these two cities stood at 6.74 million square feet in the year-ago period.
As per the data, the net leasing of office space in Mumbai fell 38 per cent to 1.77 million sq ft from 2.87 million sq ft.
1 April 2026
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In Delhi-NCR, the net office leasing fell 61 per cent to 1.51 million sq ft from 3.87 million sq ft.
Fresh supply of office space in Delhi-NCR and Mumbai stood at 1.8 million sq ft and 0.89 million sq ft, respectively, during January-March period of this calendar year.
Across eight major cities of India, the net leasing of office space declined 24 per cent in January-March at 11.51 million sq ft from 15.08 million sq ft in the year-ago period.
The eight cities are- Delhi-NCR, Mumbai, Bengaluru, Hyderabad, Chennai, Pune, Kolkata and Ahmedabad.
Net absorption is a key indicator of real estate demand, representing the net change in occupied office space.
During January-March 2026, Delhi-NCR recorded a 2-5 per cent quarter-on-quarter increase in overall rentals.
"Rents have risen by 6-9 per cent y-o-y (year-on-year) across the region, with Gurugram CBD (central business district) outperforming at 12-15 per cent growth over the same period," Cushman & Wakefield said.
In Mumbai, the stock-weighted average rents rose 1.5 per cent QoQ in January-March to Rs 171 per sq ft, led by strong demand in Andheri-Kurla Road and Thane-Belapur Road corridors.
"Sustained demand for quality office spaces is expected to exert upward pressure on Grade-A rents over the coming quarters," it added.
