India’s GCC Leasing Reaches Historic High of 9.1 Million Sq. Ft. in Q1 2026: CBRE 

New Delhi, April 6, 2026: India’s office market has achieved a record-breaking start to the year, with Global Capability Centres (GCCs) leasing an unprecedented 9.1 million sq. ft. during the first quarter of 2026. According to the “India Office Figures Q1 2026” report released by CBRE South Asia Pvt. Ltd. on Monday, this represents the highest quarterly GCC absorption ever recorded. The surge in GCC activity contributed to an overall office market gross absorption of approximately 20.7 million sq. ft., marking a 5% year-on-year increase and the strongest Q1 performance on record for the sector.

The record-setting activity was primarily driven by Bengaluru and Hyderabad, which have emerged as the dominant hubs for these centers. GCCs accounted for 44% of the total office absorption during the quarter, with Fortune 500 companies driving 48% of that leasing volume. American firms remained the primary occupiers, contributing 73% of total GCC leasing. From a sectoral perspective, demand was led by e-commerce at 24%, followed by BFSI and technology both at 20%, and research, consulting, and analytics at 19%.

Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE, noted that the data reflects a deepening of the national market. “The record GCC leasing activity is a definitive signal of India’s position as the global destination of choice for high-complexity capability functions,” Magazine stated. He further explained that “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.”

The report highlights a shift in the ecosystem toward more diverse operating models, including the rise of “mid-market” and “nano” GCCs. While larger centers are evolving into high-maturity transformation hubs, smaller nano GCCs are functioning as agile innovation units focused on rapid AI prototyping and niche research. This diversification has broadened the occupier base, with a clear preference for premium infrastructure. Notably, 83% of GCC leasing was concentrated in green-certified tech parks, and 78% of these transactions occurred in buildings less than 10 years old.

On a city-wide basis, Bengaluru led the overall office market with a 29% share of leasing, followed by Delhi-NCR at 22% and Mumbai at 16%. Collectively, these three cities accounted for approximately 67% of total pan-India absorption. Sustainability remains a core priority for occupiers, as 79% of total leasing—roughly 16.3 million sq. ft.—was concentrated in green-certified assets. Flexible space operators and technology firms remained active, jointly accounting for 40% of the overall space take-up.

Looking ahead, the total office stock in India is expected to surpass 1 billion sq. ft. in 2026, supported by new completions in major hubs. Ram Chandnani, Managing Director, Leasing Services, India, CBRE, commented on the evolving requirements of tenants. “Across cities, we are seeing demand broaden both in terms of sectors and geographies,” Chandnani said. He added that “The consistent preference for green-certified, amenity-rich locations signals that the ‘flight to quality’ is no longer a trend but a baseline expectation. As occupiers adopt AI-ready workspace strategies and GCCs evolve into multi-functional innovation hubs, we expect leasing momentum to remain healthy through 2026.”

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