Office rent growth: Bengaluru, Delhi-NCR, Mumbai see 4.3% YoY rise; leasing activity set to hit 50 mn sq ft

India’s top office markets—Bengaluru, Delhi-NCR and Mumbai—saw an average 4.3 per cent year-on-year growth in prime office rents during July-September 2025, according to real estate consultant Knight Frank. As per news agency PTI, leasing activity across these cities is expected to reach 50 million sq ft in 2025, surpassing last year’s record of 41 million sq ft.“The surge is fuelled by sustained leasing commitments from Global Capability Centres (GCCs) and a revival in third-party IT services, highlighting India’s attractiveness as a global business hub,” the report noted. Bengaluru emerged as the most dynamic market with 2 per cent quarter-on-quarter and 8.8 per cent year-on-year growth, particularly in corridors like Outer Ring Road and Whitefield. Delhi-NCR posted 2 per cent QoQ and 3 per cent YoY increases, while Mumbai recorded 2 per cent QoQ and 3.9 per cent YoY growth during the same period.Rents in central business districts stood at Rs 1,807 per sq ft per year in Bengaluru, Rs 4,200 in Delhi’s Connaught Place, and Rs 3,953 in Mumbai’s BKC, PTI reported.Knight Frank India chairman Shishir Baijal said, “India’s office market continues to stand out as a beacon of stability and long-term potential amid regional uncertainty. The strong leasing activity highlights its growing importance in global business strategies.” Real estate expert Sankey Prasad added that strong GCC expansion and institutional investment are driving a renewed growth phase in the sector.James Thomas, co-founder of SpazeOne, highlighted that the growth in leasing volumes across Bengaluru, Delhi-NCR and Mumbai reflects “strong confidence and optimism driving India’s business landscape.”In contrast, Asia-Pacific office rents fell 1.4 per cent in Q3 2025, mainly due to declining rents in mainland China, the Knight Frank report noted.