CBRE Report: GCC Leasing Hits Record 9.1 Million Sq Ft in Q1 2026, Office Demand Remains Strong

India’s office real estate market has opened 2026 with remarkable momentum, led by record leasing activity from Global Capability Centres (GCCs). According to the latest CBRE South Asia report titled India Office Figures Q1 2026, GCCs leased an all-time high 9.1 million square feet during the January to March quarter, making it the highest quarterly absorption ever recorded for this segment.

The report also highlighted that the overall office sector registered gross absorption of 20.7 million square feet during the first quarter of 2026, marking the highest ever leasing volume for the January-March period. This represents a 5 per cent growth over the 19.7 million square feet leased in the same quarter last year, underlining the resilience of India’s commercial office market.

CBRE noted that GCCs accounted for 44 per cent of the total office absorption in Q1 2026, reflecting India’s growing importance as a strategic global hub for high-value business operations. Demand was led largely by American firms, which contributed 73 per cent of total GCC leasing activity. Sectors such as e-commerce, BFSI, technology, and research and analytics emerged as key drivers of demand.

Bengaluru continued to dominate the market with a 48 per cent share in GCC leasing, followed by Hyderabad at 19 per cent and Delhi-NCR at 14 per cent. On the broader office market front, Bengaluru led with a 29 per cent share, while Delhi-NCR and Mumbai followed with 22 per cent and 16 per cent respectively.

A notable trend highlighted in the report is the preference for premium and sustainable workspaces. Nearly 83 per cent of GCC leasing was concentrated in green-certified tech parks, while 78 per cent of transactions took place in buildings less than 10 years old.

The strong leasing momentum reflects India’s expanding role in the global corporate ecosystem, especially as multinational firms continue to establish and scale capability centres across key urban hubs.