Pune’s commercial real estate sector is experiencing unprecedented growth, with the city recording its highest-ever gross leasing volume (GLV) of 6.8 million square feet in H1 2025, according to the Cushman Wakefield Office MarketBeat Report.
This represents a 67% year-on-year increase and a 54% jump over H2 2024, positioning Pune as one of India’s top four office markets, alongside Bengaluru, Mumbai, and Delhi NCR.
Driven by sustained demand from Engineering & Manufacturing, IT-BPM, and Flexible Workspaces, these sectors collectively contributed approximately 70% of Pune’s leasing activity. Global Capability Centres (GCCs) alone accounted for 2.7 MSF in transactions, with BFSI and Engineering & Manufacturing leading the charge.
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According to the Cushman Wakefield report, Pune continues to maintain its position as India’s second-largest flexible workspace hub after Bengaluru, with an average annual flex footprint of 1.56 MSF over the past three years – nearly 19% of the city’s overall leasing.
Cushman Wakefield Office MarketBeat Report: Pune Adds 8MSF New Office Space
On the supply side, Pune added nearly 8 MSF of new office space in H1 2025, 90% of which comprises Grade A and A+ buildings.
This surge in supply has pushed vacancy levels to 12–13%, a positive shift enabling quicker deal closures and better choices for occupiers. Projections indicate that vacancy may reach 15–16% by year-end as total new office supply is expected to cross 15 MSF – a historic first for the city, says the Cushman Wakefield report.
Moinuddin Patel, Managing Director – Pune, Cushman & Wakefield, remarked, “Pune’s office sector is on course to surpass the 10 MSF leasing mark in 2025, driven by resilient demand and a robust development pipeline.
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The city’s attractiveness for both domestic and global enterprises is underpinned by a maturing market and evolving occupier preferences, especially in the GCC and flex space segments.”
This performance not only reinforces Pune’s strategic importance in India’s real estate landscape but also reflects its growing role as a hub for next-generation workspace solutions.
