{"id":24277,"date":"2026-04-12T22:44:05","date_gmt":"2026-04-12T17:14:05","guid":{"rendered":"https:\/\/timesofpowerandvoice.com\/?p=24277"},"modified":"2026-04-12T22:44:05","modified_gmt":"2026-04-12T17:14:05","slug":"gccs-dominate-office-leasing-in-pune-city-records-3-1-mn-sq-ft-of-leasing-transactions-in-q1-2026-knight-frank-india","status":"publish","type":"post","link":"https:\/\/timesofpowerandvoice.com\/?p=24277","title":{"rendered":"GCCs Dominate Office Leasing in Pune, City records 3.1 mn sq ft of Leasing Transactions in Q1 2026: Knight Frank India"},"content":{"rendered":"

Pune<\/strong>: Knight Frank India\u00a0<\/strong>in its latest report,\u00a0India Real Estate: Office and Residential Market (January – March 2026) Q1 2026\u00a0<\/em><\/strong>cited that<\/strong>\u00a0<\/strong>Pune\u2019s office market recorded leasing activity of 3.1 mn sq ft in Q1 2026, while new completions stood at 1.0 mn sq ft. Office rentals during this period registered a 5% YoY increase, with the average transacted rent reaching INR 80.9 per sq ft per month.<\/p>\n

Pune Office Market Summary (Q1 2026)<\/strong><\/p>\n\n\n\n\n\n
\u00a0<\/strong><\/td>\nOffice Transactions\u00a0<\/strong><\/p>\n

(Mn Sq Ft)<\/strong><\/td>\n

Completions<\/strong><\/p>\n

(Mn Sq Ft)<\/strong><\/td>\n<\/tr>\n

City<\/strong><\/td>\nQ1 2025<\/strong><\/td>\nQ1 2026<\/strong><\/td>\n% Change YoY<\/strong><\/td>\nCity<\/strong><\/td>\nQ1 2025<\/strong><\/td>\nQ1 2026<\/strong><\/td>\n% Change YoY<\/strong><\/td>\n<\/tr>\n
Pune<\/strong><\/td>\n3.7<\/td>\n3.1<\/td>\n-17%<\/td>\nPune<\/strong><\/td>\n3.5<\/td>\n1.0<\/td>\n-72%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source:\u00a0<\/em><\/strong>Knight Frank Research<\/em><\/p>\n

End-User Categories<\/strong><\/p>\n

Office leasing in Q1 2026 was driven primarily by GCCs, which contributed 33% of total transactions, amounting to 1.0 mn sq ft. Third-party IT services firms followed closely, leasing 0.9 mn sq ft, marking a significant 107% increase compared to 0.4 mn sq ft in Q1 2025.<\/p>\n\n\n\n\n
End-User Licensee\/Buyer<\/strong><\/td>\nGCC<\/strong><\/td>\nThird Party IT<\/strong><\/td>\nFlex<\/strong><\/td>\nIndia Facing<\/strong><\/td>\nTotal<\/strong><\/td>\n<\/tr>\n
Area transacted in mn sq ft<\/strong><\/td>\n1.0<\/td>\n0.9<\/td>\n0.71<\/td>\n0.46<\/td>\n3.7<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source:\u00a0<\/em><\/strong>Knight Frank Research<\/em><\/p>\n

Residential Market Update: January \u2013 March 2026<\/strong><\/p>\n

Pune’s residential market witnessed residential sales of 12,711 units sales in Q1 2026 which in Q1 2025 was 14,231 units in Q1 2025. New launches were at 15,497 units. Additionally, the city\u2019s weighted average residential price reached an all-time high since Q1 2021 of INR 9,975 per sq ft, marking a 5% YoY increase.<\/p>\n

\n\n\n\n\n\n
\u00a0<\/strong><\/td>\nSales<\/strong><\/td>\n\u00a0<\/strong><\/td>\nLaunches<\/strong><\/td>\n<\/tr>\n
City<\/strong><\/td>\nQ1 2026<\/strong><\/td>\nQ1 2025<\/strong><\/td>\nYoY % Change\u00a0<\/strong><\/td>\nCity<\/strong><\/td>\nQ1 2026<\/strong><\/td>\nQ1 2025<\/strong><\/td>\nYoY % Change\u00a0<\/strong><\/td>\n<\/tr>\n
Pune<\/strong><\/td>\n12,711<\/td>\n14,231<\/td>\n-11%<\/td>\nPune<\/strong><\/td>\n15,497<\/td>\n16,231<\/td>\n-5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source:\u00a0<\/em><\/strong>Knight Frank Research<\/em><\/p>\n

The city\u2019s premium housing segment registered the strongest growth, with sales in the INR 50-100mn range rising by 58%, from 24 units in Q1 2025 to 38 units in Q1 2026. Homes priced between INR 100\u2013200 mn recorded the second-highest growth, increasing by 57% year-on-year from 7 units to 11 units. The mid-range segment (INR 5\u201310 mn) remained the most active segment, accounting for 44% of total residential sales, with 5,562 units sold during the quarter.<\/p>\n

\n

\n

\n

\n

\n

Ticket-Size Split of Sales<\/strong><\/p>\n\n\n\n\n\n
Ticket Size Categories<\/strong><\/td>\n<5 mn<\/strong><\/td>\n5-10 mn<\/strong><\/td>\n10-20 mn<\/strong><\/td>\n20-50 mn<\/strong><\/td>\n50-100 mn<\/strong><\/td>\n100-200 mn<\/strong><\/td>\n200-500 mn<\/strong><\/td>\n>500 mn<\/strong><\/td>\nTotal<\/strong><\/td>\n<\/tr>\n
Q1 2026<\/strong><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,621<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,562<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,480<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0999<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a038<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011<\/td>\n\u00a0–<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0–<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012,711<\/td>\n<\/tr>\n
YoY % change<\/strong><\/td>\n-35%<\/td>\n-17%<\/td>\n25%<\/td>\n49%<\/td>\n58%<\/td>\n57%<\/td>\nNA<\/td>\nNA<\/td>\n-11%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source:<\/em><\/strong>\u00a0Knight Frank Research<\/em><\/p>\n

\u00a0<\/strong><\/p>\n

    \n
  1. Vilas, National Director, Occupier Strategy & Solutions, Capital Markets and IndustriaI & Logistics<\/em><\/strong><\/li>\n<\/ol>\n

    Branch Head (Pune), Knight Frank India<\/em><\/strong>, said,\u00a0<\/em>\u201cPune\u2019s real estate market showcased steady performance in Q1 2026, with the office segment driven by strong occupier demand and the residential sector demonstrating underlying resilience. While office leasing moderated to 3.1 million sq ft, GCCs continued to anchor demand, accounting for a third of total transactions, alongside a sharp uptick in third-party IT services activity, highlighting sustained interest from global and technology-driven occupiers. On the residential front, although sales softened on a high base, the market remains robust, supported by rising prices and stable absorption levels. The growing traction in the premium housing segment reflects evolving buyer preferences, while the mid-income category continues to drive volumes. Overall, steady rental growth, healthy demand, and a stable QTS indicate a well-balanced and resilient real estate market in Pune.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

    Pune: Knight Frank India\u00a0in its latest report,\u00a0India Real Estate: Office and Residential Market (January – March 2026) Q1 2026\u00a0cited that\u00a0Pune\u2019s office market recorded leasing activity of 3.1 mn sq ft in Q1 2026, while new completions stood at 1.0 mn sq ft. Office rentals during this period registered a 5% YoY increase, with the average […]<\/p>\n","protected":false},"author":1,"featured_media":24278,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44,172],"tags":[],"class_list":["post-24277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pune","category-real-estate"],"_links":{"self":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts\/24277","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24277"}],"version-history":[{"count":1,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts\/24277\/revisions"}],"predecessor-version":[{"id":24279,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts\/24277\/revisions\/24279"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/media\/24278"}],"wp:attachment":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}