New Delhi [India], August 21 (ANI): Bengaluru, Pune, Delhi NCR and Mumbai together accounted for nearly 80 per cent of total GCC leasing, with Bengaluru retaining its position as the country's largest Global Capability Centres (GCCs) market during the first half of 2026.
According to Cushman & Wakefield's Q2 2026 Office Market Beat report, Global Capability Centres (GCCs) leased approximately 16.5 million square feet (MSF) in H1 2026, marking an increase of nearly 38 per cent year-on-year and making up 38 per cent of total office leasing activity across the country.
During the first half, Bengaluru recorded 5.36 MSF of GCC leasing, followed by Pune at 3.01 MSF, Delhi NCR at 2.37 MSF and Mumbai at 2.23 MSF. GCC demand remained strong in the second quarter, where occupiers transacted nearly 8 MSF, representing 37 per cent of quarterly leasing volume.
Bengaluru saw GCCs account for 52 per cent of its gross leasing in Q2, with H1 gross leasing reaching 10.3 MSF and new office supply touching 8.8 MSF. Pune matched this momentum with GCCs taking up 52 per cent of quarterly leasing at 1.66 MSF.
Chennai and Hyderabad also emerged as strong secondary hubs. GCCs contributed 37 per cent of Q2 leasing in Hyderabad and 46 per cent in Chennai, while Chennai saw GCCs claim a record 51 per cent share of its H1 leasing.
Anshul Jain, Chief Executive - India, SEA, MEA & APAC Office and Retail at Cushman & Wakefield, stated, "The robust leasing activity during the first half of 2026 reinforces the structural strength of India's office market. While global macroeconomic and geopolitical uncertainties have led occupiers to adopt a more measured approach to decision-making, the underlying demand story remains firmly intact."
He added, "Organisations continue to make long-term commitments to India, reflecting confidence in the country's talent ecosystem, business environment and long-term growth potential."
In Delhi NCR, Q2 GCC leasing stood at 1.4 MSF, up 50 per cent quarter-on-quarter and 8 per cent year-on-year.
In Hyderabad, leasing activity and limited new completions lowered overall vacancy to 19.1 per cent and Grade A+ vacancy to 3.9 per cent.
"Global Capability Centres continue to be at the heart of this momentum, with their expansion increasingly shaping demand across multiple office markets," Jain noted.
India's top eight office markets registered 43 MSF of gross leasing in H1 2026, up 5 per cent year-on-year. Pan-India vacancy dropped to 13.7 per cent in Q2, recording its twelfth straight quarter of compression.
In the overall occupier mix for H1 2026, IT-BPM led with 22 per cent, followed by BFSI at 19 per cent and Engineering & Manufacturing at 16 per cent.
Jain further observed, "At the same time, we are also beginning to see market conditions evolve from the supply side. Over the past couple of years, many developers prioritised residential development amid strong housing demand. However, with office vacancy tightening to post-pandemic lows, rental growth strengthening and demand remaining resilient, we expect commercial development activity to regain greater attention. A healthier supply pipeline will be critical in supporting the next phase of growth in India's office sector." (ANI)
Only four cities hold nearly 80% share in India's GCCs office leasing in H1 2026: Cushman & Wakefield
