New Delhi [India], July 7 (ANI): Delhi-NCR recorded its highest-ever quarterly flexible office space take-up in the second quarter of 2026 (April-June), with flexible space operators accounting for 45 per cent of the region’s total leasing of approximately 3.6 million square feet (msf). The data in the latest CBRE report titled ‘India Office Figures’ for Q2 2026 showcased a strong shift toward adaptable workspace options in the commercial real estate market.
Other sectors also drove commercial demand in NCR during the April-June period. Research, consulting, and analytics firms accounted for 17 per cent of the leasing volume, while technology enterprises secured a 12 per cent share. This surge occurred alongside the introduction of roughly 2.0 msf of fresh office supply to the regional market.
The performance of Delhi-NCR mirrors a broader national expansion. Flexible space operators emerged as the primary occupier segment across India, capturing a 27 per cent share of the office sector. Together with technology and banking, financial services, and insurance (BFSI) firms, these operators drove nearly 63 per cent of the country’s second-quarter leasing and 58 per cent of leasing for the first half of the year.
This demand propelled India’s total office market absorption to a historic quarterly high of about 24.6 msf, representing an 18 per cent sequential increase and a 14 per cent year-over-year rise.
“India’s office market continues to demonstrate its structural depth and resilience, delivering back-to-back record quarters even as the world navigates a volatile geopolitical and economic backdrop,” said Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & North Africa, CBRE.
Magazine added, “This strength is broad-based from GCCs deepening their presence to flexible space operators scaling rapidly across gateway and emerging cities alike. We expect this momentum, anchored by strong fundamentals and sustained occupier confidence, to continue through the rest of 2026.”
Delhi-NCR stood among the top three contributors to national leasing during the quarter, joining Bengaluru and Pune to represent a combined 58 per cent share of India’s total absorption. Global capability centers (GCCs) remained highly active, with Delhi-NCR accounting for an 8 per cent share of pan-India GCC leasing.
On a national scale, GCCs comprised 42 per cent of total office absorption, marking the highest-ever quarterly share on record, while overall Indian office supply climbed to approximately 21.0 msf, up 91 per cent quarter-on-quarter.
“The demand across cities, asset classes and occupier types remains consistent. Occupiers are prioritising quality, sustainability and flexibility in equal measure – reflected in the scale-up of flex space adoption, the continued dominance of green-certified assets, and record activity in markets like Delhi-NCR and Pune,” said Ram Chandnani, Managing Director, Leasing Services, India, CBRE.
Chandnani further stated, “With investment-grade supply remaining tight relative to demand, we anticipate sustained rental appreciation across core micro-markets in the coming quarters.”
According to the report, occupiers in Delhi-NCR are increasingly adopting ‘core + flex’ models as part of their long-term portfolio strategies. This trend follows steady growth in regional flex leasing, which rose from 0.3 msf in the second quarter of 2025 to 1.6 msf this quarter. CBRE expects flexible space operators to continue securing quality, well-connected assets across the region through the remainder of the year. (ANI)
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