Net leasing of office spaces fell 20 per cent annually in the January-September period to 36.7 million sq ft across eight major cities on limited fresh supply of quality workspaces and high base effect, according to Cushman & Wakefield.

Net leasing stood at 46 million sq ft in the year-ago period, PTI reported.

Net absorption, or leasing of office, means net change in occupied space within a given market over a specific period.

Real estate consultant Cushman & Wakefield on Saturday released the data, which pointed out that the net leasing fell in five cities — Mumbai, Delhi-NCR, Pune, Chennai and Kolkata. The numbers increased in three cities — Bengaluru, Hyderabad, and Ahmedabad.

However, the consultant highlighted that the gross leasing of office spaces rose 1 per cent to record 64.6 million square feet.

The gross leasing factors in all leasing activity in the market, including fresh absorption, open market renewals by occupiers as well as pre-leasing.

It is an indication of overall market activity.

Anshul Jain, Chief Executive, India, SEA, MEA & APAC Office and Retail, Cushman & Wakefield, noted that India’s office market remains structurally strong.

“With 64.6 million sq ft of gross leasing in the first nine months of 2026, the highest ever for this period, the market continues to demonstrate remarkable depth and resilience, despite persistent macroeconomic and geopolitical uncertainty,” he said.

Jain credited global capability centres (GCCs) for this sustained office leasing.

Huge talent pool and cost competitiveness are attracting global companies to establish GCCs in India, he observed.