Delhi-NCR sees 15% fall in new office supply, Mumbai logs 37% drop: Colliers

New Delhi: Delhi-NCR and Mumbai property markets witnessed a decline in new supply of office spaces during the last year by 15 per cent and 37 per cent, respectively, despite strong demand for prime workspaces from domestic and overseas firms, according to Colliers.

Real estate consultant Colliers India noted that the office demand has outstripped new supply in 2025 across India's seven major cities -- Bengaluru, Delhi-NCR, Mumbai, Hyderabad, Chennai, Pune and Kolkata. This has resulted in a lowering of vacancy levels.

Technology firms and the BFSI (Banking, Financial Services and Insurance) sector are major drivers of office demand in India. Foreign firms looking to establish Global Capability Centres (GCCs) in India are also helping create demand for prime workspace.

Colliers India's latest data showed that the new supply of office space in Delhi-NCR fell to 7.4 million sq ft last year from 8.7 million square feet in the 2024 calendar year. Mumbai saw a steeper fall of 37 per cent in new supply to 5.2 million square feet during 2025 from 8.3 million square feet in the preceding year.

In Hyderabad, the fresh supply fell 21 per cent to 10.8 million sq ft from 13.7 million sq ft. The new supply in Kolkata plunged 80 per cent to 0.1 million sq ft from 0.5 million sq ft. However, the fresh supply improved in Chennai, Bengaluru and Pune markets. Bengaluru saw a 15 per cent increase in fresh supply to 17.5 million sq ft from 15.2 million sq ft.

In Chennai, the new supply more than doubled to 4.5 million sq ft from 2.1 million sq ft. Pune also witnessed a more than two-fold jump in the new supply of office spaces to 11 million sq ft during the last year from 5.3 million sq ft in the preceding year.

Overall, these top seven markets saw an increase of 5 per cent in the new office supply to 56.5 million sq ft during the last year from 53.8 million sq ft in the preceding year.

The office space leasing or absorption grew 6 per cent to 71.5 million sq ft last year across these seven cities from 67.2 million sq ft in 2024.