India's office market pauses after record run as leasing dips 2% in H1 2026; here's why

India's office leasing activity slowed in the first half of 2026, ending a record run as global economic uncertainty prompted companies to adopt a more cautious approach to expansion despite continued demand from global capability centres (GCCs).According to Knight Frank India, gross office leasing across the country's eight largest office markets stood at 48 million square feet during January-June 2026, down 2 per cent from the record levels seen a year earlier, reported ANI. The consultant attributed the moderation to a combination of geopolitical tensions, global trade disruptions, evolving workplace strategies driven by artificial intelligence, and uncertainty across major international office markets.The decline came even as other property consultants painted a more optimistic picture. Earlier this month, CBRE reported a record 45.5 million sq ft of gross leasing during the first half of the year, while Cushman & Wakefield estimated the figure at 43 million sq ft.