Pune Office Leasing Hits 8.8 Million Sq Ft in January-September 2026, Best Nine Months Since 2018; GCCs Lead Demand
Pune leased 8.8 mn sq ft of office space in the first nine months of 2026, up 18% and the best since 2018. Global capability centres were the largest occupiers.
Photo: Randy Breese / CC BY 2.0, via Wikimedia Commons
Pune, 6th November 2026: Pune’s office market is having its best year in a long time. The city recorded 8.8 million sq ft of office leasing between January and September 2026, an 18% rise from 7.4 million sq ft in the same period last year, according to Knight Frank India’s latest office market assessment.
That is the highest nine-month total for any year since 2018, and Pune accounted for 13% of office leasing across India’s eight major markets.
Key numbers
| Indicator | 2026 | 2025 | Change |
|---|---|---|---|
| Leasing, Jan-Sep (mn sq ft) | 8.8 | 7.4 | +18% |
| New completions, Jan-Sep (mn sq ft) | 6.0 | 9.9 | -39% |
| Average rent, Q3 (₹ per sq ft per month) | 83 | 78 | +6% |
| Vacancy, Q3 | 13.8% | 13.5% | +30 bps |
Quarter by quarter, the city leased 3.1 million sq ft in Q1, 3.5 million sq ft in Q2 and 2.2 million sq ft in Q3.
Global capability centres take the lead
Global capability centres (GCCs), the in-house tech and operations hubs of multinational companies, nearly doubled their leasing to 3.1 million sq ft from 1.6 million sq ft a year earlier. They now make up 35% of Pune’s office deals, up from 22%. Pune’s share of national GCC leasing rose to 11% from 6%.
| Occupier type | Area (mn sq ft) | Share 2026 | Share 2025 |
|---|---|---|---|
| GCCs | 3.1 | 35% | 22% |
| Flex operators | 2.5 | 28% | 38% |
| Third-party IT services | 1.6 | 18% | 20% |
| India-facing businesses | 1.6 | 18% | 21% |
Grade A buildings accounted for 87% of transactions.
What it means on the ground
More GCC offices mean more mid and senior tech jobs in Kharadi, Hinjewadi, Baner and Yerawada, and steady rental demand for homes near these hubs. The flip side is traffic: the new Hinjewadi Metro line opened just in time.
Vacancy edged up because 2025 saw a record 14.2 million sq ft of new supply, which the market is still absorbing. For the housing side of the story, see Pune housing sales in Q3 2026.
Frequently asked questions
How much office space was leased in Pune in 2026?
8.8 million sq ft between January and September 2026, up 18% year on year, according to Knight Frank India.
What is the average office rent in Pune?
About ₹83 per sq ft per month in Q3 2026, up 6% from a year earlier.
Who is leasing the most office space in Pune?
Global capability centres, which took 3.1 million sq ft or 35% of deals in the first nine months of 2026.
