NEW DELHI: India’s office market achieved its best first quarter ever, with gross leasing reaching approximately 20.7 million sq ft in Q1 2026, a 5% increase year-on-year. This growth was primarily fueled by unprecedented demand from Global Capability Centres (GCCs), as reported by CBRE.
During this quarter, GCCs occupied 9.1 million sq ft, representing 44% of the total office leasing.
Bengaluru and Hyderabad emerged as leading GCC hubs, contributing 48% and 19% of the demand, respectively, while Delhi-NCR accounted for 14%.
Bengaluru continued to lead in office leasing with a 29% share, followed by Delhi-NCR at 22% and Mumbai at 16%. Together, these cities comprised about 67% of total absorption.
Demand for office space remained focused on high-quality assets, with nearly 79% of leasing occurring in green-certified buildings and around 70% in properties less than 10 years old.
Anshuman Magazine, Chairman and CEO (India, Southeast Asia, Middle East & Africa) of CBRE, stated that the increase in GCC leasing highlights India’s rising significance as a center for global operations across various sectors.
In terms of sectors, demand from GCCs was mainly driven by e-commerce, banking and financial services (BFSI), and technology firms, with American companies representing a significant portion of GCC leasing.
The data suggests a diverse occupier base, with both large multinational corporations and smaller capability centres adding to the demand for Grade A office spaces.
