In Q1 2026, office leasing across India's top eight cities totaled 29.9 million square feet, marking a 6% increase from 28.2 million square feet in Q1 2025, as reported by Knight Frank India. Bengaluru led the charge with 9.2 million square feet leased, followed by Hyderabad with 5.9 million sq ft, Mumbai at 5.6 million sq ft, and the National Capital Region (NCR) with 4.0 million sq ft. The report highlighted that 93% of transactions were in Grade A assets, underscoring a strong preference for high-quality office spaces. Notably, Global Capability Centres (GCCs) dominated the market, accounting for 48% of total absorption, with Bengaluru capturing 41% of this demand. The report also noted a significant 154% year-on-year increase in new supply, totaling 14 million sq ft, yet this was still less than half of the total space absorbed, resulting in a drop in vacancy rates to 13.9%. Rental values have seen a consistent rise, with increases ranging from 2% to 15% across various cities, indicating a sustained rental upcycle driven by supply constraints. Shishir Baijal from Knight Frank India emphasized India's growing strategic relevance in the global office market, supported by the expansion of GCCs and institutional-grade supply.