Coworking and BFSI account for 47 per cent of total office demand in Jan-Sep: Anarock

The office space absorption across the top seven cities marginally increased to 429 million sq ft in the first nine months of 2026 reflecting a 2 per cent yearonyear yoy increase according an Anarock Research amp Advisory reportCoworking and banking financial services and insurance BFSI increased their share of leasing with these two segments accounting for 47 per cent of total office demand in January to September an increase of 41 per cent from a year earlierCoworking has overtaken ITITeS office space demand at 26 per cent it now commands the highest overall leasing share in 9M 2026 followed closely by ITITeS with a 25 per cent share and BFSI with 21 per cent Peush Jain Managing Director Commercial Leasing amp Advisory Anarock Group saidSectorwise office demandCoworking emerging as the largest occupier segment in the first nine months of 2026 is significant as it highlights the growing importance of flexible workspace formats as businesses seek greater flexibility in their real estate commitments and workplace strategies the report noted It had a share of 23 per cent in the year ago periodBFSI expanded its share to 21 per cent from 18 per cent a year earlier While the technology sector of ITITeS accounted for a 25 per cent of total demand down from 29 per cent in January to September in 2025 the sector remained secondbest contributor to office leasingManufacturing and industrial occupiers increased their share marginally to 15 per cent from 14 per cent while consultancy businesses saw their share fall to 6 per cent from 8 per cent Ecommerce remained unchanged at 4 per centGlobal Capability Centres GCCs gross office leasing share was at record high of 44 per cent in from January to September 2026 It had accounted for 40 per cent in corresponding period last yearNew office completion riseNew office completions in the top seven cities increased 5 per cent to 411 million sq ft in during the period under review from 3921 million sq ft in the first nine months of 2025Bengaluru Chennai Pune Hyderabad Kolkata Mumbai Metropolitan Region and Delhi NCR were the top seven citiesBengaluru saw the highest new office supply in this period about 1235 million sq ft in 9M 2026 against 1041 million sq ft in same period last year denoting a 19 per cent yoy rise NCR and Pune new office supply dropped 25 per cent and 36 per cent respectively in the period Jain saidBengaluru leads the office market absorptionBengaluru retained its position as the largest office market by net absorption recording 1192 million sq ft up 20 per cent from 995 million sq ft in January to September 2025Hyderabadrsquos net absorption rose 54 per cent to 88 million sq ft in first nine months of 2026 from 57 million sq ft a year ago while new completions increased 63 per cent to 96 million sq ft this year from 59 million sq ftMumbai Metropolitan Region MMRs net absorption was at 665 million sq ft compared with 66 million sq ft a year earlier while new completions increased 21 per cent to 41 million sq ft The market continued to command the highest average rentals at Rs 156 per sq ft per month up 8 per cent while vacancy declined from 149 per cent to 133 per centOffice vacancy declinesOffice vacancy dropped to 1515 per cent in the first nine months of 2026 from 1620 per cent last year across the top seven cities while the average monthly office rentals rose 8 per cent to Rs 97 per sq ft this year from Rs 90 per sq ft last year