Delhi-NCR Shatters Flexible Office Leasing Records in Q2 2026

Delhi-NCR experienced a surge in flexible office space leasing in Q2 2026, marking a new record. Flexible operators led this trend, comprising 45% of leases. Research and tech firms also contributed. Nationally, flexible spaces dominated, reflecting a significant rise in India's office absorption, driven by resilient market conditions.

Delhi-NCR has recorded its highest-ever flexible office space leasing in the second quarter of 2026, with flexible workspace operators dominating 45% of the total leasing activity. The CBRE report, titled 'India Office Figures' for Q2 2026, highlighted a significant shift towards adaptable workspaces in the commercial real estate sector. Other sectors, including research, consulting, and technology, also contributed to the leasing demand.

Nationally, the performance of Delhi-NCR mirrors the broader trend of increased flexible space leasing across India. With flexible space operators capturing 27% of the office sector, along with tech and BFSI firms, they drove 63% of the country's office leasing in Q2. This strong demand pushed India's total office market absorption to a historic quarterly peak of approximately 24.6 million square feet, marking substantial increases both sequentially and year-over-year.

CBRE Chairman & CEO Anshuman Magazine highlighted the resilience and structural depth of India's office market, emphasizing continued momentum through 2026 driven by strong fundamentals and occupier confidence. Delhi-NCR remains a key player, contributing significantly to national leasing alongside Bengaluru and Pune, while global capability centers (GCCs) also increased their leasing activity.

Additionally, consistent demand across various cities and asset classes is evident, with occupiers focusing on quality, sustainability, and flexibility, as noted by Ram Chandnani, Managing Director of Leasing Services at CBRE. With tight investment-grade supply, sustained rental appreciation in core micro-markets is anticipated in upcoming quarters. The report notes a trend towards 'core + flex' models among Delhi-NCR occupiers, with flexible space leasing climbing from 0.3 million square feet in Q2 2025 to 1.6 million square feet this quarter.