New Delhi, Nov. 26 -- Rating agency ICRA revealed that the net absorption in the top six office markets, Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai Metropolitan Region (MMR) and Pune, would reach a record 69-70 million square feet (msf) in FY2026. The momentum is expected to remain strong in FY2027, with absorption likely to cross 65 msf.

The agency said that net absorption (the total space leased minus space vacated) will continue to exceed new supply for the third straight year, taking vacancy rates down to 12-12.5 per cent by March 2027, the lowest in recent history.

This surge follows a robust performance in FY2025, when net absorption hit 66 msf, up 15 per cent year-on-year, surpassing new supply of 58 msf. The first half of ...