Desk note · industry · Commercial real estate
Cushman & Wakefield’s Q3 2026 Office MarketBeat shows net absorption of 14.1 million sq ft across eight cities, up 26% quarter on quarter, while new completions at 22.7 million sq ft lifted pan-India vacancy to 14.37%. Global capability centres took 42% of quarterly leasing.
On 10 October 2026, Cushman & Wakefield published its Q3 2026 Office MarketBeat for India’s top eight cities. Tenants absorbed a net 14.1 million square feet of office space, up 26% from the previous quarter. Gross leasing volume reached 21.9 million square feet. At the same time, developers finished a record 22.7 million square feet of new buildings, so pan-India vacancy rose 63 basis points to 14.37%, the first increase after twelve quarters of tightening. Hyderabad led net absorption at 4.1 million square feet, with Bengaluru close behind at 4.02 million square feet.
Companies are still signing leases even while a wave of new towers lands. Global capability centres leased 9.1 million square feet in the quarter, about 42% of gross activity, with Bengaluru, Chennai, and Pune seeing more than half of local demand from GCCs. Banks and financial firms were the largest sector at 24% of leasing, followed by IT services at 22%. Flexible workspace operators took 16% of quarterly volume, a record pace that suggests firms want optionality while they test headcount plans. Rents still rose about 2% quarter on quarter across most markets, which is unusual when vacancy ticks up and usually means tenants are paying for newer, better buildings rather than discounting older stock.
If you work in tech, finance, or shared services, hiring plans show up in office demand before they show up in headlines about macro fear. A GCC-heavy leasing mix signals multinationals still building India delivery hubs despite rate hikes and geopolitical noise. Commuters in Hyderabad and Bengaluru should expect more finished campuses even as vacancy rises. Investors in listed developers should separate cities with absorption strength from those carrying supply gluts. For households, busy office districts often spill into lunch, travel, and housing demand in the same corridors, so this is another datapoint that services activity is not frozen even as manufacturing headlines wobble.
Trade policy / exports
Commerce minister Piyush Goyal said on 22 October 2026 that India’s proposed free-trade agreement with the European Union could become operational within four to five months after signing, with the deal expected to be inked before year-end during his visit to Germany.
Food delivery / quick commerce
Swiggy reported on 22 October 2026 that September-quarter revenue rose 36% to about ₹7,571 crore and the consolidated net loss narrowed to ₹922 crore, as food delivery posted record adjusted core profit of about ₹349 crore while quick-commerce Instamart lost about ₹764 crore at the segment level amid heavier discounting and 69 new dark stores.
Quick-service restaurants / consumers
KFC and Pizza Hut operator Sapphire Foods India said on 22 October 2026 that September-quarter consolidated restaurant sales rose 20% year on year to about ₹885 crore, with KFC India same-store sales up 14% and adjusted EBITDA margin expanding 100 basis points to 7.1% even as the listed stock remained far below its 52-week high.
RBI / government borrowing
On 22 October 2026, the Reserve Bank of India accepted no bids at the scheduled sale of short-dated government treasury bills, the first full cancellation in about seven months, as investors demanded higher yields amid a bond selloff, oil-linked inflation fears, and expectations of more rate hikes after October’s policy minutes.
For informational purposes only. Not investment advice. Verify with filings and a licensed adviser.