India’s top office hubs—Bengaluru, Delhi-NCR, and Mumbai—are witnessing renewed momentum, with prime workspace rentals rising an average of 4.3% year-on-year during July–September, according to Knight Frank. The real estate consultancy projects office space leasing across these three markets to hit a record 50 million sq ft in 2025, driven by strong demand from Global Capability Centres (GCCs), a rebound in IT services, and investors’ growing confidence in India’s commercial real estate sector.

“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 added. On rentals, Knight Frank said prime office rents increased 4.3% year-on-year (Y-o-Y) on average across the three major cities.

Bengaluru remained the most dynamic market, posting 2% QoQ (quarter-on-quarter) growth and 8.8% YoY. There has been a strong demand in emerging corridors such as the Outer Ring Road and Whitefield.

Delhi-NCR saw a 2% QoQ and 3% YoY growth in rentals, while Mumbai recorded 2% QoQ and 3.9% YoY increase in prime office rent during the July-September period of this year. Rent in Bengaluru’s central business district stood at 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 said.

Commenting on the report, real estate expert Sankey Prasad said the Indian office market is entering a renewed growth phase, underpinned by robust leasing activity, strong GCC expansion, and rising institutional investment. “Occupiers are driving demand for high-quality, sustainable workspaces, while investors are drawn by stable yields and transparent market dynamics,” he added.

James Thomas, Co-Founder, SpazeOne, said the estimated growth in leasing volumes across these three major cities shows the “strong confidence and optimism driving India’s business landscape.” Knight Frank report pointed out that the Asia-Pacific office rents slipped 1.4% in Q3 2025, mainly due to falling rents in the Chinese mainland.