Market Report
The Connect Q4 2025
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Key Insights
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5 Mn sq ft – Highest ever new completions
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2 Mn sq ft – Highest ever absorption
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GCCs account for around 45% of the pan-India absorption
Key Takeaways
- 2025 turned out to be a standout year with absorption and new completions peaking amid global headwinds. The top seven cities reported an absorption of 78.2 Mn sq ft and new completions of 55.5 Mn sq ft, rising by 11% and 8%, respectively, over the previous year. This growth momentum is expected to strengthen further in 2026, driven by resilient domestic consumption, mounting government capital expenditure, and conducive fiscal and monetary policies.
- GCCs leased around 35 Mn sq ft of office space in 2025, accounting for 45% of the pan-India absorption. The share has increased from 41% a year earlier. The second half of 2025 accounted for 59% of the total absorption recorded in 2025, highlighting the upward momentum.
- IT-ITeS sector accounted for 38% of the pan-India absorption in 2025, followed by BFSI sector and Flex Spaces with 14% each. The share remained largely stable compared to the previous year. Healthcare and Lifesciences sector accounted for 5% of the pan-India absorption in 2025.
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