Pune: The proportion of vacant office spaces in Pune declined between Jan and June due to limited new supply entering the market. Office vacancy in the city fell to 14.1% in the first half of 2026 from 14.9% during the same period last year, according to Knight Frank India.Similarly, Anarock estimated that vacancy levels dropped to 11.4% during the Jan-June period from 11.75% a year earlier. Across India, office vacancy in the top seven cities fell to a five-year low of 14.5%, down 160 basis points year-on-year, according to JLL.“Developers have remained selective in bringing new stock to the market, aligning supply more closely with occupier demand and supporting a healthier balance between leasing activity, vacancies and rentals,” said Anuj Puri, chairman of Anarock.Knight Frank India estimated that office completions moderated to 3.9 lakh sqft, down 55% compared to the previous year. Anarock data also showed that new office space supply declined to 2.1 lakh sqft during the Jan-June period from 5.7 lakh sqft a year ago.The Knight Frank India report noted that with a substantial supply pipeline scheduled for the second half of the year, sustained occupier demand will be crucial to maintain market balance. Flex operators accounted for 33% of leasing activity, while Global Capability Centres (GCCs) increased their share to 32% from 25% a year earlier.“The rapid growth in GCCs has resulted in Pune accounting for about 12% of India’s total GCC market. This regional dispersion across Hinjewadi, Magarpatta, Kharadi, Vimannagar, Yerawada, Chakan and Talegaon has served Pune well, creating a resilient and interconnected local GCC ecosystem,” Puri said.“Alongside this GCC momentum, flex operators have emerged as a major force, reflecting the growing appetite for agile workspace solutions among both domestic and global occupiers,” said Radha Dhir, CEO of JLL India.Along the east-west corridor, the Aundh-Baner office market accounted for 33% of leasing volumes, while the share of Kalyaninagar, Yerawada and Hadapsar increased to 26% from 19% a year earlier.
