(MENAFN- Live Mint) The Delhi-NCR property market experienced a surge in demand during the July-September period, indicating strong demand for premium workspaces from corporates, according to Cushman & Wakefield.

Net leasing of office spaces jumped 2.5 times to 3.79 million square feet in the third quarter of this calendar year from 1.52 million square feet in the year-ago period, PTI reported.

This growth positioned Delhi-NCR as a major player in the national property market, contributing 23 per cent to the total net leasing of office spaces across the top eight cities during the period.

Pan-India office space market posts robust growth

The strong performance was not limited to Delhi-NCR. Across eight major cities, including Mumbai, Pune, Bengaluru, Hyderabad, Chennai, Kolkata, and Ahmedabad, substantial growth was also observed.

Net leasing of office space in these cities rose 35 per cent to 16.25 million (162.5 lakh) square feet during the third quarter of this calendar year from 12.08 million (120.8 lakh) square feet a year ago.

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The property market has already achieved last year's record, with 44.3 million (443 lakh) sq ft of net absorption recorded in the first nine months of 2025. This represents nearly 87 per cent of the total 50.7 million (507 lakh) square feet recorded for the full year in 2024, the consultant told PTI.

Net absorption is a key indicator of real estate demand, representing the net change in occupied office space.

"With one quarter still to go and a strong pipeline of active deals, the market is firmly on track to surpass last year's record, potentially setting a new high for annual net absorption again this year," C&W said.

What is driving this growth?

According to Anshul Jain, the CEO of India, SEA & APAC Office and Retail at Cushman & Wakefield, the Indian office sector is demonstrating structural strength and is now“firmly in an expansionary cycle". He also added that over 80 per cent of Q3 leasing was driven by fresh take-up, which is a clear sign that occupiers are growing their footprint in India and not just renewing space.

The market is also seeing a decisive shift towards quality. Nearly 80 per cent of fresh office space supply in Q3 was Grade-A assets, indicating an appetite for premium, future-ready workspaces, he noted.

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This evolution is fuelled by several long-term fundamentals, including the rise of Global Capability Centres (GCCs), the scaling of start-ups and the resurgence of manufacturing and engineering sectors, PTI said in its news report.

Jain concluded that occupiers of office space are making strategic and quality-driven decisions because India is increasingly viewed as a core market for global operations, not just a cost centre - a structural shift that he believes is here to stay.

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