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.