Over 10.8 mn sq ft office space pre-committed by corporates during Oct-March 2025: Anarock
Bengaluru leads with about 5.7 million sq ft of office space under pre-commitment deals, accounting for 53% of the total, the Anarock report said
Corporates across Bengaluru, Mumbai, and Delhi-NCR have pre-committed to nearly 10.8 million sq ft of office space across 38 deals in the six months ending March 2025, according to a report by Anarock.
As quality Grade A office supply has been dwindling in the past two years, many corporates have resorted to signing pre-commitment deals with real estate developers, Anarock said.
The report said Bengaluru led with about 5.7 million sq ft of space under pre-commitment deals, accounting for 53% of the total. Mumbai followed with 3.1 million sq ft (29%) and NCR with 2 million sq ft (19%).
Pre-commitments refer to lease agreements signed at the under-construction stage. These help corporates secure strategic office locations, better lease terms, and protect against future rent hikes.
The surge in pre-leasing activity comes as the Grade A+ office space supply has fallen short of demand over the past two years. The report said the return to offices post-pandemic and growing demand from domestic firms, global MNCs, and co-working operators are driving the trend.
“Creating new quality supply has not kept pace with rising demand. Workplace strategies are also changing, with companies focusing on technological infrastructure and ESG standards," Peush Jain, MD – commercial leasing and advisory, Anarock Group, said,
The average deal size in Bengaluru was 0.5 million sq ft., higher than Mumbai (0.4 million sq ft) and NCR (0.1 million sq ft). Around 42% of the 38 recorded deals were for spaces above 0.3 million sq. ft., including 9 in Bengaluru, 4 in Mumbai, and 3 in Delhi-NCR. Most of these were signed by global companies in the IT/ITeS and BFSI sectors.
Key micro-markets with high activity included Whitefield, Bellandur, and Hebbal in Bengaluru; Andheri East and Goregaon East in Mumbai; and NH-8 and Aerocity in NCR.
Anarock’s India Office Market Update also said that net office absorption in 2024 reached 50 million sq. ft., up 29% from 38.64 million sq. ft. in 2023. New office supply stood at 48.1 million sq. ft., a marginal 1% increase from the previous year.
“Quality supply is crucial for capacity building, and the ‘flight to quality’ has landed many corporates for pre-commitment and forward leasing across India. Besides domestic corporations, pent-up demand from GCCs is likely to further fuel this trend across key growth markets. Large space also allows companies to maintain their distinct identity,” Jain added.
