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Global Capacity Centres (GCCs) hit a record high of 9.1 million square feet during January-March, which is said to be the highest quarterly absorption of GCCs on record, according to "India Office Figures Q1 2026" released by CBRE South Asia Pvt. Ltd. on Monday. The overall office sector registered a gross absorption of 20.7 million square feet, marking the highest level record for the Jan-Mar period, the report said.
As compared to 19.7 million sq. ft. in Q1 2025, overall leasing was up 5% this year, underscoring the structural resilience of the office sector as occupiers' appetite continues to hold steady. "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, CBRE. "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 also highlighted that GCCs accounted for 44% of the total office absorption in Q1 2026. This was largely dominated by American firms, contributing 73% of the total GCC leasing. From a sector perspective, e-commerce (24%), BFSI (20%), technology (20%), and research, consulting & analytics (19%) were the leading demand drivers. Among the top cities, Bengaluru led GCC leasing with a 48% share, followed by Hyderabad at 19% and Delhi-NCR at 14%. Notably, 83% of GCC leasing was concentrated in green-certified tech parks and 78% in buildings less than 10 years old, reflecting GCCs' decisive preference for premium, future-ready workspaces. In terms of total office leasing, about 79%--around 16.3 million sq. ft.--was in green-certified assets. Around 70% of transactions occurred in buildings less than 10 years old. Bengaluru led city-wise office leasing with a 29% share, followed by Delhi-NCR (22%) and Mumbai (16%). These cities accounted for ~67% of pan-India absorption, the report said. Flexible space operators and technology firms jointly accounted for ~40% of the overall space take-up, with domestic firms driving flex leasing and U.S.-based corporations anchoring technology and BFSI demand. (ANI)
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