New Delhi, April 16 -- Net leasing of office space declined 24% in January-March across top eight cities at 11.51 million sq ft on lower demand and a 18% fall in fresh supply of workspaces, according to Cushman & Wakefield. The net leasing stood at 15.08 million sq ft in the year-ago period. Net leasing or absorption is a key indicator of real estate demand, representing the net change in occupied office space. The eight cities are Delhi-NCR, Mumbai, Bengaluru, Hyderabad, Chennai, Pune, Kolkata and Ahmedabad. Real estate consultant Cushman & Wakefield pointed out that the corporates might go slow in their business expansion because of the West Asia conflict but India's medium to long term demand outlook remains bullish. The consultant attributed the fall in net leasing or absorption of office spaces in the first quarter of this calendar year to softer fresh leasing after a strong end to 2025. The delay in completion of office complexes limited the physical realisation of pre-committed demand, it pointed out. New supply of office spaces across top-eight cities stood at 8.8 million sq ft in January-March 2026, a decline of 18% year-on-year, largely due to delays in project completions. However, Cushman & Wakefield highlighted that the gross leasing of office space across the eight major cities rose 13% to 21.89 million sq ft in January-March from 19.3 million sq ft in the year-ago period. The gross leasing means all leasing activity in the market, including fresh take-up, open market renewals by occupiers as well as pre-leasing. It is an indication of overall market activity. Anshul Jain, Chief Executive, India, SEA, MEA & APAC Office and Retail, Cushman & Wakefield, said India's office market has carried forward the momentum of 2025 into the first quarter of this year....