Delhi-NCR flex office leasing hits record; operators take 45% share in Q2
Delhi-NCR emerged as one of the top three office leasing markets in India, alongside Bengaluru and Pune, together contributing 58% of national office absorption.
 "Delhi-NCR flex office leasing hits record; operators take 45% share in Q2")
Delhi-NCR recorded its highest-ever quarterly take-up of flexible office space in the second quarter of 2026 (April-June), with flex operators accounting for 45% of the region’s total leasing of approximately 3.6 million square feet (msf), according to CBRE South Asia's latest flagship report ‘India Office Figures’ for Q2 2026.
Research, consulting & analytics (17%) and technology (12%) were the other key demand drivers in the region during the quarter, while new supply in Delhi-NCR stood at 2.0 msf.
"Delhi-NCR’s performance mirrors a broader national trend. Flexible space operators were the leading occupier segment in India’s office sector with a share of 27%. Flex, technology and BFSI firms together drove nearly 63% of Q2 2026 leasing and 58% of H1 2026 leasing in the country," said the report.
India’s office market recorded its highest-ever quarterly absorption of 24.6 msf in Q2 2026, up 18% Q-o-Q and 14% Y-o-Y, alongside record supply of 21.0 msf, up 91% Q-o-Q.
Delhi-NCR was among the top three contributors to national leasing during the quarter, together with Bengaluru and Pune, accounting for a combined ~58% share of India’s Q2 2026 absorption.
Global capability centres (GCCs) also remained active in the region, contributing to Delhi-NCR’s 8% share of pan-India GCC leasing in Q2 2026. GCCs overall accounted for 42% of India’s total office absorption during the quarter - the highest-ever quarterly share on record.
"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. "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."
"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. With investment-grade supply remaining tight relative to demand, we anticipate sustained rental appreciation across core micro-markets in the coming quarters," said Ram Chandnani, Managing Director, Leasing Services, India, CBRE.
According to the report, occupiers in Delhi-NCR are increasingly adopting ‘core + flex’ models as part of long-term portfolio strategy. CBRE expects flexible space operators to continue securing quality, well-connected assets across the region through the rest of 2026.