Kolkata: The telecom and media segment emerged as the largest contributor to office leasing in Kolkata during the fourth quarter of 2025, accounting for 43 per cent of total gross leasing volumes, according to a market report by Cushman & Wakefield.
The city recorded 0.25 million sq ft of gross leasing in Q4 2025, an 11 per cent year-on-year decline, while net absorption stood at 0.18 million sq ft, down 14 per cent from the same quarter last year. Fresh transactions dominated the market, contributing 72 per cent of total leasing activity during the quarter, the report said. Among the fresh leases explicitly listed in the report, British Telecom signed the largest deal of the quarter, leasing 107,552 sq ft at DLF IT Park–II in Rajarhat.
Other fresh occupancies included Awfis, which took 30,000 sq ft at Godrej Genesis in Sector V, Salt Lake; RS Software, which leased 24,915 sq ft at Martin Burn Business Park in Sector V; and OPN Healthcare, which took 7,370 sq ft at RDB Primarc Tech Park in Rajarhat.
Leasing activity in the quarter remained highly concentrated in the city’s eastern office hubs, with Salt Lake Sector V and Rajarhat together accounting for 97per cent of total gross leasing, while the central business district contributed the remaining 3 per cent.
Kolkata recorded no new office supply in the October–December quarter, continuing the supply pause seen through the year. In the absence of new completions and amid sustained demand, headline office vacancy declined by 70 basis points on a quarter-on-quarter basis to 14.1 per cent at the end of December 2025.
Headline office rentals recorded growth during the quarter, with stock-weighted average quoted rents for Grade A offices at Rs 53 per sq ft per month. Rental growth was seen across key submarkets such as Salt Lake Sector V and Rajarhat, although rentals are likely to remain range-bound in the near term as fresh supply enters the market, the report added.