India's office leasing market achieved a historic milestone, recording 21.5 million sq ft of gross leasing in the first quarter of 2023, marking a 10% increase year-on-year. A notable trend is the rise in pre-commitments from large occupiers, particularly global capability centres (GCCs) and technology firms, who are securing high-quality office spaces well before project completion. This approach not only ensures future capacity but also mitigates risks associated with supply constraints and pricing volatility in a tightening market. The vacancy rate has decreased to 14.7%, the lowest in five years, reflecting the effectiveness of early leasing strategies. GCCs have expanded their presence significantly, accounting for 45.5% of total leasing activity, with a 43% growth in their footprint to 10 million sq ft. The technology sector led the charge in leasing, with a 29.1% share, followed closely by flexible workspace operators and the banking, financial services, and insurance (BFSI) sector, which also recorded its highest quarterly leasing volumes driven by substantial deals and pre-commitments. This robust performance sets a positive outlook for the Indian office market in 2023.