Pune witnesses significant boost in office leasing
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Pune: The office leasing market in Pune experienced a notable surge in the first half of 2025, continuing with the trend observed in 2024.
This increase was primarily fuelled by Global Capability Centers (GCCs), which are the Indian technology hubs of multinational corporations, as they aggressively expanded their operations.
The GCCs secured a larger proportion of available office spaces in the city during the initial six months of the year, with a particularly strong increase in activity during the April-June quarter.
Reports indicate that the total office spaces leased in Pune from Jan to June 2025 ranged from 38 lakh sqft to 51 lakh sqft. Data from real estate consulting firm CBRE South Asia highlights that nearly 30 lakh sqft of commercial space was leased in Q2 2025 alone.
Out of this, an impressive 15 lakh sqft was leased by the GCCs — a substantial jump compared to the 2.5 lakh sqft they rented in the first three months of 2025.
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"India's office market has not only sustained, but accelerated the momentum built in 2024, propelled by the expansion of GCCs, the resurgence of third-party IT service providers, and the growing demand for flexible workspaces," Shishir Baijal, CMD of Knight Frank India, said.
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Peush Jain, MD of commercial leasing at Anarock, said the leasing activity of GCCs in India increased amid the ongoing policy chaos in the US.
However, new additions to office spaces also suddenly increased between Jan and June as some planned projects in Kharadi were completed recently. Office completions stood at 88 lakh sqft — a 264% increase. Although it led to a corresponding rise in vacant offices, commercial rentals increased by 3% to Rs77 per sqft, indicating that corporations are willing to pay for quality and flexibility, as per a Knight Frank India report.
Flex operators maintained their demand in office leasing, led by large block deals across Kharadi, Mundhwa, Balewadi, and Wakad.
Pune: The office leasing market in Pune experienced a notable surge in the first half of 2025, continuing with the trend observed in 2024.
This increase was primarily fuelled by Global Capability Centers (GCCs), which are the Indian technology hubs of multinational corporations, as they aggressively expanded their operations.
The GCCs secured a larger proportion of available office spaces in the city during the initial six months of the year, with a particularly strong increase in activity during the April-June quarter.
Reports indicate that the total office spaces leased in Pune from Jan to June 2025 ranged from 38 lakh sqft to 51 lakh sqft. Data from real estate consulting firm CBRE South Asia highlights that nearly 30 lakh sqft of commercial space was leased in Q2 2025 alone.
Out of this, an impressive 15 lakh sqft was leased by the GCCs — a substantial jump compared to the 2.5 lakh sqft they rented in the first three months of 2025.
"India's office market has not only sustained, but accelerated the momentum built in 2024, propelled by the expansion of GCCs, the resurgence of third-party IT service providers, and the growing demand for flexible workspaces," Shishir Baijal, CMD of Knight Frank India, said.
Peush Jain, MD of commercial leasing at Anarock, said the leasing activity of GCCs in India increased amid the ongoing policy chaos in the US.
However, new additions to office spaces also suddenly increased between Jan and June as some planned projects in Kharadi were completed recently. Office completions stood at 88 lakh sqft — a 264% increase. Although it led to a corresponding rise in vacant offices, commercial rentals increased by 3% to Rs77 per sqft, indicating that corporations are willing to pay for quality and flexibility, as per a Knight Frank India report.
Flex operators maintained their demand in office leasing, led by large block deals across Kharadi, Mundhwa, Balewadi, and Wakad.
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