Market Report
The Connect Q3 2026
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Key Insights
1
23.7 Mn sq ft of absorption
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48% leased by GCCs
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18.4 Mn sq ft of new completions, the highest ever
Key Takeaways
- Pan-India absorption reached 23.7 Mn sq ft in Q3 2026, sustaining leasing momentum despite prevailing global macroeconomic uncertainties and geopolitical headwinds. The absorption increased by 20% over the last year, whereas it remained largely stable compared to the previous quarter.
- Construction activity gained momentum in Q3 2026 despite rising construction costs and limited availability of funds. New completions rose to 18.4 Mn sq ft, the highest quarterly supply ever recorded. It increased by 24% compared to the previous quarter and 14% compared to the same period a year earlier.
- Absorption continued to outpace new completions in Q3 2026, supporting improved occupancy levels across major markets. Consequently, the pan-India vacancy rate declined by 60 basis points to 7.8% in Q3 2026 from 8.4% in the previous quarter.
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