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India leads Asia-Pacific in office leasing sentiment: CBRE report
CBRE's India Office Figures for Q1 of 2025 also revealed that gross office leasing rose by 5 per cent yoy, reaching 18 million square feet across nine cities between January and March 2025
Rahul Goreja New Delhi
India has taken the lead in the Asia-Pacific office real estate market, supported by strong occupier confidence and consistent leasing activity, according to CBRE's latest Asia Pacific Market Sentiment Survey. The country's Office Market Sentiment Index surged past the 70 per cent threshold between September 2024 and June 2025, marking the highest score among all regional markets.
CBRE uses a 50 per cent baseline to indicate neutral sentiment, with any score above that suggesting optimism about leasing and expansion activity. India was also the only market where sentiments across all three sectors — office, retail, and industrial — remained above the neutral line.
Earlier this year, CBRE's India Office Figures for the first quarter of 2025 revealed that gross office leasing rose by 5 per cent year-on-year, reaching 18 million square feet across nine cities between January and March 2025. Bengaluru, Hyderabad, Delhi-NCR, and Mumbai continued to dominate office demand, with some Tier 2 cities also experiencing an uptick in leasing activity.
Demand driven by tech and GCCs
The report attributes India's commercial real estate momentum to robust demand from the technology and financial services sectors, alongside continued investments by Global Capability Centres (GCCs).
Renewals remain the dominant driver of leasing activity, but expansion-led leasing by IT and GCC occupiers continues to be strong in India and Japan, in contrast to the decline seen in Korea and Singapore.
While renewal versus relocation decisions are prevalent in many markets, India stands out for its persistent expansionary demand.
CBRE highlight resilience
"India's sustained office market momentum and high sentiment index reflect its growing stature as a stable and resilient investment destination," said Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE.
"As APAC peers see softening demand, India's diversified occupier base, tech-driven demand, and long-term fundamentals are keeping leasing markets vibrant," he said, as quoted by The Economic Times.
Ada Choi, head of research for APAC at CBRE, added: "India's commercial markets, particularly offices, show strength in demand and rental stability. This positions the country for continued expansion, especially as global enterprises diversify their APAC portfolios."
Outlook subdued for other APAC markets
While India's office market demonstrates robust momentum, the report notes that other Asia-Pacific markets face a more subdued outlook. Tenant enquiries and site inspections have declined in Greater China and Australia.
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