India's office market posts its best first half on record as GCCs lease 16.5 million sq ft

India's office market recorded its highest-ever first-half gross leasing volume in 2026, reaching nearly 43 million sq ft across the top eight cities, up 5 per cent year-on-year, according to Cushman & Wakefield data reported on July 4. The second quarter alone contributed about 21 million sq ft.

Global capability centres did the heavy lifting, leasing roughly 16.5 million sq ft — 38 per cent of all activity and a rise of nearly 38 per cent over last year. Bengaluru led GCC demand at 5.36 million sq ft, followed by Pune at 3.01 million, Delhi-NCR at 2.37 million and Mumbai at 2.23 million. Flexible-workspace operators added their highest-ever half-year at 8.4 million sq ft, up 55 per cent, while IT-BPM (22 per cent), BFSI (19 per cent) and engineering and manufacturing (16 per cent) rounded out demand. One nuance: net absorption moderated, which the report attributes to constrained new supply rather than weak demand.

For the MMR, Mumbai's GCC number looks modest beside Bengaluru and Pune, but the city's BFSI-led occupier depth and tight Grade-A availability continue to underpin rents in nodes like BKC, Lower Parel and the eastern corridor. Steady white-collar hiring in offices is also the demand base beneath mid-to-premium housing.

Pune's 3-million-sq-ft GCC print is the other Maharashtra takeaway — concentrated around Hinjawadi and its fringes, a corridor that is about to get its first metro connection.