India’s office market experienced its highest gross leasing volume in the first half of 2026, with a 5% year-on-year growth driven by a 38% surge in demand from Global Capability Centres (GCCs). According to a report by Cushman & Wakefield, GCCs accounted for 38% of total leasing activity, leasing around 16.5 million square feet (MSF) during H1 2026.
In the second quarter (Q2), GCC occupiers leased nearly 8 MSF, contributing significantly to the overall office leasing market. The total gross leasing volume in H1 2026 reached close to 43 million square feet, with strong momentum continuing in Q2, particularly across the top eight cities.
The demand from GCCs expanded geographically during H1 2026, with Bengaluru, Pune, Delhi NCR, and Mumbai collectively representing nearly 80% of total GCC leasing. Bengaluru led as the largest GCC market in India, leasing 5.36 MSF, followed by Pune with 3.01 MSF, Delhi-NCR with 2.37 MSF, and Mumbai with 2.23 MSF of occupier demand.
Occupier demand diversified across sectors in H1 2026, with IT-BPM being the largest contributor at 22%, followed by BFSI and engineering & manufacturing at 19% and 16% respectively. Flexible workspace operators also saw growth, leasing 8.4 MSF, constituting one-fifth of total leasing activity in H1-26, marking a 55% year-on-year increase.
The report highlighted a moderation in net absorption due to limited supply additions and constrained availability of new space during the period.
