News: Large Deals Were 65% of Q1 2026 Office Leasing: Knight Frank-08-05-2026
Large transactions dominated office leasing in Q1 2026, with deals of 1 lakh sq ft and above reaching 19.5 million sq ft, nearly 65% of total leasing across the top eight cities, according to a Knight Frank India report.
Bengaluru led with 7 million sq ft in spaces above 100,000 sq ft, which was 77% of the city’s total leasing of 9.2 million sq ft for the quarter. Hyderabad came second at 4.4 million sq ft, up 69% from 2.6 million sq ft in Q1 2025. Mumbai recorded 2.9 million sq ft, an 81% rise over the previous year.
The National Capital Region recorded 4 million sq ft of transactions and Pune 3.1 million sq ft. Chennai registered 1.5 million sq ft, Kolkata 0.4 million sq ft and Ahmedabad 0.3 million sq ft.
Viral Desai, Senior Executive Director, Occupier Strategy and Solutions Industrial & Logistics, Capital Markets and Retail Agency, Knight Frank India, said demand from large occupiers, particularly GCCs, technology firms and multinationals, remains strong. Bengaluru is still the dominant market for large deals, he said, while Hyderabad and Mumbai are growing faster on expanding corporate activity and demand for high-quality offices. He said the momentum reflects occupier confidence in India’s long-term growth.
Mid-sized deals, between 50,000 sq ft and 100,000 sq ft, totalled 5.2 million sq ft, up 27% from 4.1 million sq ft a year earlier, and contributed 17% of overall volumes. Bengaluru led here too with 1.5 million sq ft, followed by Hyderabad and Mumbai at 1 million sq ft each.
Leasing of spaces below 50,000 sq ft reached 5.2 million sq ft, a 4% rise from 5 million sq ft in Q1 2025. Mumbai led this segment with 1.6 million sq ft, followed by the National Capital Region at 0.9 million sq ft, with Bengaluru and Pune at 0.7 million sq ft each.
