GCCs and MNCs drive large office leasing across India's commercial real estate market
- IBEF
- July 28, 2026
India's commercial office market recorded sustained demand from Global Capability Centres (GCCs), multinational corporations (MNCs) and technology companies during the first half of 2026, with large office transactions continuing to dominate leasing activity across major business hubs. According to Knight Frank India, office transactions involving spaces of 100,000 sq. ft. or more accounted for 28.2 million sq. ft. of leasing across the country's eight leading office markets, representing 59% of the total office leasing volume of 48.0 million sq. ft. Bengaluru remained the largest office leasing market, recording 10.1 million sq. ft. of large-format transactions, followed by Hyderabad and the National Capital Region (NCR), each with 4.9 million sq. ft. The continued preference for Grade A office campuses reflects occupiers' focus on scalable, technology-enabled and future-ready workspaces despite global economic uncertainties.
Hyderabad emerged as the fastest-growing destination for large occupiers, with leasing of office spaces exceeding 100,000 sq. ft. increasing 63% year-on-year from 3.0 million sq. ft. in H1 2025 to 4.9 million sq. ft. in H1 2026. Mumbai recorded 3.1 million sq. ft. of large office leasing, while Pune registered 3.8 million sq. ft. during the period. The mid-sized office segment, comprising spaces between 50,000 sq. ft. and 100,000 sq. ft., accounted for 9.0 million sq. ft., or 19% of total office leasing, while spaces below 50,000 sq. ft. contributed 10.8 million sq. ft., representing 22% of overall transactions. The sustained demand from GCCs and multinational enterprises is expected to accelerate the development of institutional-grade office assets, strengthen India's commercial real estate sector and reinforce the country's position as a preferred global business and investment destination.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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