New Delhi, Apr 6 (TNT): India’s office market recorded its strongest-ever first quarter, with total leasing touching around 20.7 million sq. ft. in Q1 2026, driven largely by robust demand from Global Capability Centres (GCCs), according to a report by CBRE South Asia Pvt. Ltd.released on Monday.
GCCs alone accounted for a record 9.1 million sq. ft. of leasing during the January–March period, representing 44 per cent of total absorption and marking the highest quarterly GCC demand on record, the report revealed.
Overall office leasing rose 5 per cent year-on-year, reflecting sustained occupier demand and the resilience of India’s commercial real estate sector, it said.
Among cities, Bengaluru led GCC leasing with a 48 per cent share, followed by Hyderabad at 19 per cent and Delhi-NCR at 14 per cent, the report stated.
In overall office leasing, Bengaluru, Delhi-NCR and Mumbai together accounted for about 67 per cent of total absorption.
The report noted that 48 per cent of GCC leasing was driven by Fortune 500 companies, with strong demand coming from sectors such as e-commerce, BFSI, technology and research and analytics.
A significant trend observed was the preference for premium and sustainable workspaces, with nearly 79 per cent of total leasing concentrated in green-certified buildings and a majority of transactions occurring in assets less than 10 years old.
CBRE said the rise of mid-market and nano GCCs is expanding the occupier base, with companies increasingly setting up innovation hubs focused on areas such as fintech, SaaS and artificial intelligence.
The report projected that India’s total office stock is expected to surpass 1 billion sq. ft. in 2026, supported by strong demand and new supply across key markets including Bengaluru, Hyderabad and Delhi-NCR.
TNT KS
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