See examples of office space to rent in Delhi here
See examples of office spaces for rent in Mumbai here
Supply in outlying towns and the suburbs of the two great cities has been strong in recent months, but very few new office blocks were added to either the Delhi or the Mumbai skyline during 2010, CB Richard Ellis (CBRE) reports.
Overall office space absorption in India reached 32 million square feet in the final quarter of 2010, but demand continues to increase across the country’s seven main business districts, namely Delhi, Mumbai, Pune, Kolkata, Hyderabad, Chennai and Bangalore.
Some businesses are moving their operations to the outskirts of the main Indian cities, where the supply of office space is abundant and rents are relatively cheap, but in general, CBD space remains highly sought after as the Indian economy continues its recovery.
“New economy sectors like telecommunications, pharmaceuticals, besides banking and financial services, led the overall demand for office space [last year],” said CB Richard Ellis’ managing director in India, Anshuman Magazine.
“We believe the Indian office market will continue to see increased transaction volumes, consequently leading to higher absorption levels in the medium term,” he added.
According to CBRE’s assessment, there could be an oversupply of office space in Indian suburbs, resulting in downward pressure on rents in these areas in the coming months.
Earlier this month, the network services company D-Link opened a 10,800 sq ft office in Mumbai to enhance its presence in Asia, particularly in India.
Editor’s notes: In Q1 of 2023, in Mumbai, 1 million square feet of new office space was added to the market, representing a 73 per cent year-on-year increase and bringing the total stock to 114.2 million square feet.
There was 1.3 million square feet of gross absorption in the same quarter, representing a 32 per cent year-on-year decrease but an 8 per cent quarter-on-quarter increase.
Across all Mumbai submarkets, the vacancy rate was 17.9 per cent.
Office space rental rates ranged from 50 INR per square foot per month in submarkets such as Thane and Navi Mumbai up to 500 INR per square foot per month in the New CBD BKC.
Office rental rates in Central Mumbai were 160 – 225 INR per square foot.
In Delhi and the Indian National Capital Region (NCR), in Q1 of 2023, 1.3 million square feet of new office space was added to the supply, representing a 24 per cent YOY increase, taking the total stock to 138.9 million square feet of space.
There was 3.4 million square feet of gross absorption in the same quarter, representing a 26 per cent year-on-year increase and matching the previous quarter.
Across all Delhi-NCR office space submarkets, the vacancy rate was 22.1 per cent.
Office space rental rates in Delhi ranged from 30 INR per square foot in NOIDA, for example, excepting NOIDA Sector 62, which commanded 50 to 65 INR, up to 425 INR in the Delhi CBD.
In Gurugram CBD, office space to rent costs between 115 and 118 INR per square foot.
Research conducted in June 2026 found that India’s total net office space absorption in 2025 was approximately 60 million square feet. This was an increase of approximately 14 per cent on the previous year and was the highest total on record.
The gross leasing volume (GLV) in Mumbai in 2025 was 16.9 million square feet, and the average rent across all Mumbai submarkets in Q1 2026 stood at INR 168.6 per square foot.
At the end of 2025, Mumbai’s citywide vacancy rate stood at 10.0 per cent.
In 2025, in the Delhi National Capital Region (Delhi-NCR), gross office space absorption totalled 13.6 million square feet, which was a 33 per cent year-on-year increase.
In the first quarter of 2026, Delhi-NCR office rents ranged from 60 to 425 INR per square foot per month.
The vacancy rate declined to 12.9 per cent at the end of 2025, down from 17.4 per cent 12 months earlier.