INDUSTRY
Office rentals in Bengaluru, Delhi-NCR and Mumbai expand by 4.3% in Q3
- IBJ Bureau
- Oct 26, 2025
India’s three major office markets – Bengaluru, Delhi-NCR and Mumbai – have seen an average 4.3 per cent annual growth in rentals of prime workspaces during the July-September (Q3) period, according to Knight Frank.
In its latest report, real estate consultant Knight Frank adds that office space leasing in Bengaluru, Delhi-NCR and Mumbai is expected to touch 50 million sq ft in the 2025 calendar year, surpassing the previous record of 41 million sq ft set in 2024.
“The surge is fuelled by sustained leasing commitments from global capability centres (GCCs) and a revival in third-party IT services, highlighting India’s attractiveness as a global business hub,” it has added.
Bengaluru remained the most dynamic market, posting 2 per cent quarter-on-quarter (QoQ) growth and 8.8 per cent year-on-year (YoY) growth. There has been a strong demand in emerging corridors such as the Outer Ring Road and Whitefield.
Delhi-NCR saw a 2 per cent QoQ and 3 per cent YoY rise in rentals, while Mumbai recorded 2 per cent QoQ and 3.9 per cent YoY increase in prime office rentals during the July-September period of this year. Rent in Bengaluru’s central business district is Rs 1,807 per sq ft per year, while Mumbai’s BKC commands Rs 3,953 and Delhi’s Connaught Place Rs 4,200 per sq ft per year.
“India’s office market continues to stand out as a beacon of stability and long-term potential amid regional uncertainty. The strong leasing activity highlights its growing importance in global business strategies,” Knight Frank India Chairman and Managing Director Shishir Baijal has said.
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