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Large leasing transactions continue to boost office realty ,with Bengaluru being a dominant driver.
According to Knight Frank India, transactions for large office spaces – area 100,000 sq ft and above ,continued to dominate India’s commercial office market in Q1 2026. Large office spaces recorded a cumulative 19.5 million square feet (mn sq ft) of transactions across the eight leading cities accounting for 65% of the total office leasing activity during the quarter. This registered a year-on-year (YoY) growth of 3% from an existing high base of 19 mn sq ft in Q1 2025.
Bengaluru continued to maintain its leadership position in large office space transactions with 7 mn sq ft of leasing activity recorded in the category above 100,000 sq ft during Q1 2026. Large office spaces contributed 77% of the city’s total office transaction volumes of 9.2 mn sq ft. Hyderabad ranked second with 4.4 mn sq ft of transactions in the large office category, recording a strong YoY growth of 69% from 2.6 mn sq ft in Q1 2025, followed by Mumbai with 2.9 mn sq ft, reflecting an 81% YoY increase.
Share of area transacted across size categories in Q1 2026
| Cities | Transaction | Office Space Categories | |||||
| (in mn sq ft) | (Share of total Transactions in %) | ||||||
| <50k | >=50k<=100k | >100k | Total | <50k sq ft | >=50k<=100k sq ft | >100k sq ft | |
| Ahmedabad | 0.2 | 0.1 | – | 0.3 | 69% | 31% | 0% |
| Bengaluru | 0.7 | 1.5 | 7 | 9.2 | 8% | 16% | 77% |
| Chennai | 0.4 | 0.4 | 0.7 | 1.5 | 28% | 28% | 44% |
| Hyderabad | 0.5 | 1 | 4.4 | 5.9 | 8% | 17% | 75% |
| Kolkata | 0.2 | 0.2 | – | 0.4 | 52% | 48% | 0% |
| Mumbai | 1.6 | 1 | 2.9 | 5.6 | 29% | 19% | 52% |
| NCR | 0.9 | 0.4 | 2.7 | 4 | 22% | 10% | 68% |
| Pune | 0.7 | 0.6 | 1.8 | 3.1 | 23% | 19% | 58% |
| All cities | 5.2 | 5.2 | 19.5 | 29.9 | 17% | 17% | 65% |
Source: Knight Frank Research
According to Viral Desai, International Partner, Senior Executive Director Occupier Strategy & Solutions Industrial & Logistics, Capital Markets and Retail Agency, Knight Frank India , “India’s office market continues to witness strong demand from large occupiers, particularly from Global Capability Centres (GCCs), technology firms and multinational corporations expanding their operations in the country. While Bengaluru remains the dominant market for large office transactions, cities such as Hyderabad and Mumbai are witnessing accelerated growth driven by expanding corporate occupier activity and demand for high-quality office infrastructure. The sustained momentum in large office leasing reflects occupier confidence in India’s long-term growth story and its position as a global business hub.”
