Ahmedabad Office Leasing Rises 7% in 9M CY2026 as Flex Leasing More Than Quadruples
| Q3 leasing rises 23% YoY, while occupied office stock grows 9.5% to 28.0 mn sq ft | Flex operators lease 0.52 mn sq ft, increasing their share of the market | Rents remain the most competitive among India’s eight major office markets |
Ahmedabad, October 12, 2026: Ahmedabad recorded office transactions of 1.25 mn sq ft during January to September 2026 (9M CY2026)[1], a 7% year-on-year (YoY) increase over 1.17 mn sq ft ft in the same period last year, as reported by Knight Frank India in latest assessment of the Indian office market. Leasing rose 23% YoY to 0.45 mn sq ft in Q3 2026, while occupied office stock grew 9.5% to 28.0 mn sq ft.
The market’s growth reflects sustained demand from domestic businesses and the rapid expansion of flex operators. However, new completions have increased substantially, while vacancy remains high at 38.6%. The combination of competitive rents and a broad choice of Grade A space distinguish Ahmedabad from tighter office markets.
Ahmedabad Office Market Summary – 9M CY2026
| Indicator | 2026 | 2025 | YoY Change |
| Transactions, 9M (mn sq ft) | 1.25 | 1.17 | 7% |
| New completions, 9M (mn sq ft) | 3.43 | 0.78 | 339% |
| Average transacted rent, Q3 (INR/sq ft/month) | 45.5 | 44.0 | 3% |
| Vacancy, Q3 | 38.6% | 37.7% | 90 bps |
Source: Knight Frank Research. Rents are average transacted rents. Vacancy change shown in basis points
In 2026, transactions totalled 0.26 mn sq ft in Q1, 0.55 mn sq ft in Q2 and 0.45 mn sq ft in Q3.
New completions increased significantly to 3.43 mn sq ft in 9M CY2026, up from 0.78 mn sq ft a year earlier, expanding the availability of Grade A office space for occupiers.
| Flex operators expand as domestic businesses anchor demand |
India-facing businesses remained Ahmedabad’s largest occupier group, leasing 0.66 mn sq ft of space and accounting for 53% of transactions.
Flex operators leased 0.52 mn sq ft, more than four times the 0.12 mn sq ft recorded in 9M CY2025. Their share of the market rose to 41% from 10% over the same period.
Transactions by End Use – 9M CY2026
| End user | Area Leased, 9M CY2026 (mn sq ft) | Share, 9M CY2026 | Share, 9M CY2025 |
| India-facing businesses | 0.66 | 53% | 55% |
| Flex operators | 0.52 | 41% | 10% |
| GCCs | 0.04 | 3% | 8% |
| Third-party IT services | 0.04 | 3% | 26% |
| Total | 1.25 | 100% | 100% |
| Most competitive rents among India’s major markets |
Average transacted rents rose 3% YoY to INR 45.5 per sq ft per month in Q3 2026, the lowest amog India’s eight major office markets[2]. Vacancy stood at 38.6%, giving occupiers a wide choice of space. Grade A office space accounted for 99% of transactions during 9M CY2026.
Rumit Parikh, National Director – Occupier Strategy & Solutions, Industrial & Logistics and Retail, Branch Head (Ahmedabad and Indore), Knight Frank India, said, “Ahmedabad’s office market combines steady leasing growth with a changing occupier mix, as the leasing grew by 7% in the first nine months of 2026 and third-quarter activity rising 23% over last year. Flex operators have been the standout, more than quadrupling their leasing as businesses look for ready, flexible space, while domestic companies remain the core of demand. The city’s occupied office stock has grown by two-thirds since 2019, and with the most competitive rents among India’s major markets and a good choice of new Grade A space, Ahmedabad offers occupiers considerable room to expand.”
[1] 9M CY2026- First 9 Months of the Calendar Year 2026
[2] Bengaluru, Mumbai, NCR, Hyderabad, Chennai, Pune, Ahmedabad, Kolkata
(Disclaimer: The information provided here is investment advice only. Investing in the markets is subject to risks and please consult your advisor before investing)
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