India’s commercial real estate sector witnessed a strong start to 2026, driven by exceptional demand from Global Capability Centres (GCCs), reflecting sustained confidence among occupiers across industries.
GCC leasing reached a record 9.1 million sq. ft. during January–March, marking the highest-ever quarterly absorption, according to the “India Office Figures Q1 2026” report released by a real estate consulting firm on Monday.
The overall office market also achieved a milestone, recording gross absorption of 20.7 million sq. ft., the highest ever for the Jan–Mar period. This represents a 5% rise compared to 19.7 million sq. ft. in Q1 2025, highlighting the sector’s resilience and steady demand.
“The record GCC leasing activity is a definitive signal of India’s position as the global destination of choice for high-complexity capability functions,” said Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa. “It is significant that this demand is not concentrated in a single sector but spans across sectors, including e-commerce, technology, and BFSI, and is increasingly being driven by mid-market and nano GCCs alongside established Fortune 500 occupiers. Coupled with overall office absorption hitting its highest-ever Q1 level, these numbers reflect the maturity and depth of India’s office market fundamentals.”
GCCs accounted for 44% of total office absorption in Q1 2026, with American firms contributing 73% of the segment’s leasing activity. Sector-wise, e-commerce led with 24%, followed by BFSI and technology at 20% each, and research, consulting & analytics at 19%.
Among cities, Bengaluru dominated GCC leasing with a 48% share, followed by Hyderabad at 19% and Delhi-NCR at 14%. The trend reflects a growing preference for established tech hubs.
Premium office spaces continued to attract strong interest, with 83% of GCC leasing taking place in green-certified tech parks and 78% in buildings less than 10 years old. Overall, 79% of total leasing—around 16.3 million sq. ft.—was in green-certified assets, while about 70% of transactions occurred in newer buildings.
City-wise, Bengaluru led overall office leasing with a 29% share, followed by Delhi-NCR at 22% and Mumbai at 16%. Together, these cities accounted for nearly 67% of total absorption across India.
Flexible workspace operators and technology firms together contributed around 40% of total leasing activity. Domestic companies drove demand for flexible spaces, while US-based firms led leasing in the technology and BFSI sectors.
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