India’s Office Sector gross Leasing Sees high Rise in 9 Months
GCCs leased 26.2 million sq. ft. in nine months, up 30.6% from 20.0 million sq. ft a year before. And it already is 84% of what they got in all of 2025, itself a record year, and 42.9% of total office demand. Technology and BFSI companies led the way in GCC expansion, with manufacturers not far behind. Foreign-headquartered organisations accounted for 57.8% of leasing during the period.
Dhir said there were ongoing conversations, and other GCCs were gearing up to establish up in India, so 2026 was on track to comfortably beat last year’s record. Foreign non-GCC companies leased 29% less, while domestic occupiers leased 9.2% more.
Domestic occupiers leased space from Indigenous flex operators in 52% of cases. Flex operators in the nine months obtained 13.83 million sq. ft across the top seven cities, an all-time high for the segment.
Home-grown IT companies are moving into better value-added services. They are leveraging AI to provide tailored, long-term solutions, and are delivering GCC-as-a-service to worldwide corporations.
Bengaluru topped the chart with 28.0% gross leasing and 17.11 million sq. ft. in nine months, followed by Delhi NCR, Hyderabad, Mumbai and Pune. Bengaluru, Hyderabad, Mumbai and Pune all reported year-on-year growth, with Hyderabad up 32.0 per cent and Pune up 31.6 per cent. Delhi NCR was down 17.0 per cent.
Bengaluru led the charts with a 31.3% share in net absorption, followed by Hyderabad at 21.4%, Delhi NCR at 14.5% and Pune at 13.9%. Bengaluru and Pune recorded their highest net absorption for any January-September period.
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