India’s office market started 2026 on a record-breaking note, with Global Capability Centres (GCCs) driving historic leasing of 9.1 million square feet (sq ft) in the first quarter (January–March), according to the ‘India Office Figures Q1 2026’ report by leading international property consultancy CBRE South Asia Pvt Ltd. GCCs, also known as captive centres, are in-house offshore units set up by multinational corporations to handle high-value functions such as information technology (IT), research and development (R&D), analytics, digital engineering, and innovation.
The strong performance pushed overall office absorption to approximately 20.7 million sq ft in Q1 2026 — the highest ever for any first quarter — marking a 5 per cent year-on-year rise from 19.7 million sq ft in Q1 2025. The numbers underline the sector’s resilience amid steady occupier demand.
GCCs dominate leasing
GCCs accounted for 44 per cent of total office absorption in Q1 2026. Bengaluru and Hyderabad emerged as dominant hubs, contributing 48 per cent and 19 per cent of GCC leasing, respectively, while Delhi-National Capital Region (NCR) accounted for 14 per cent.
American firms led the GCC space, making up 73 per cent of leasing. Sector-wise, top drivers were e-commerce (24 per cent), BFSI (20 per cent), technology (20 per cent), and research, consulting & analytics (19 per cent). Nearly half (48 per cent) of GCC leasing came from Fortune 500 companies.
Mid-market and nano GCCs are also gaining prominence. While mid-market centres are evolving into transformation hubs for FinTech, SaaS, and digital engineering, nano GCCs focus on AI prototyping and niche R&D, often using managed workspaces for faster setups.
Premium and green-certified spaces preferred
High-quality assets dominated leasing activity. GCCs leased 83 per cent of their space in green-certified tech parks and 78 per cent in buildings under 10 years old.
Overall office absorption mirrored this trend, with 79 per cent in green-certified properties and 70 per cent in newer buildings.
City-wise absorption
Bengaluru, Delhi-NCR, and Mumbai accounted for nearly 67 per cent of pan-India office leasing.
City-wise GCC absorption (million sq ft)
Bengaluru 4.4
Hyderabad 1.7
Delhi-NCR 1.3
Pune 0.8
Chennai 0.6
Mumbai 0.3.
Overall office absorption (million sq ft)
Bengaluru 6.0
Delhi-NCR 4.6
Hyderabad 3.0
Mumbai 3.3
Chennai 1.9
Pune 1.4
Kolkata 0.3
Ahmedabad 0.1
Kochi 0.04.
Flexible space operators and technology firms accounted for around 40 per cent of total space take-up.
Positive outlook
Anshuman Magazine, chairman and chief executive officer (CEO) – India, South-East Asia, Middle East and Africa, CBRE, said: “Record GCC leasing signals India’s position as the global destination of choice for high-complexity capability functions. Demand spans multiple sectors, including e-commerce, technology, and BFSI, and is increasingly driven by mid-market and nano GCCs alongside Fortune 500 occupiers. Coupled with the highest-ever Q1 absorption, these numbers reflect the maturity of India’s office market.”
Ram Chandnani, managing director, Leasing Services, India, CBRE, added: “Across cities, demand is broadening across sectors and geographies. Preference for green-certified, amenity-rich locations is now a baseline expectation. As occupiers adopt AI-ready workspace strategies and GCCs evolve into multi-functional innovation hubs, leasing momentum is expected to remain healthy through 2026.”
Total office stock in India is projected to surpass 1 billion sq ft in 2026, supported by new investment-grade completions, particularly in Bengaluru, Hyderabad, and Delhi-NCR. Established GCCs are expected to continue taking up large-format spaces exceeding 100,000 sq ft in premium tech parks.