India office demand hits record high in early 2026, led by global firms and flexible workspaces
India's office market saw a record 21.5 million sq. ft. gross leasing in Q1 2026, driven by Global Capability Centres (GCCs) and flexible workspace operators. Bengaluru remained the top office market, accounting for 24.8% of total leasing activity.
India's office market hit a record high in Q1 2026, with 21.5 million sq. ft. of gross leasing, a 10.2% year-on-year increase. Global Capability Centres (GCCs) led the demand, surging 43% to 9.8 million sq. ft. Bengaluru was the top office market, with 24.8% of total leasing activity. GCCs contributed 70% of Bengaluru's leasing volumes. Mumbai saw a 55.4% year-on-year increase in leasing volumes to 4.2 million sq. ft. India's net absorption rose to a record 13.7 million sq. ft., and pan-India vacancy declined to 14.7%, a five-year low.
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