Blitz Bureau
NEW DELHI: India’s office market posted a quarterly record of 21.5 million square feet of gross leasing in Q1 2026, driven by demand from Global Capability Centres and flexible workspace operators, a report said on April 27. The report from commercial real estate services firm JLL said gross leasing rose 10.2 per cent year‑on‑year, with GCCs accounting for 45.5 per cent of demand and flex operators accounting for 25.9 per cent in Q1 2026.
This growth is being driven by a fundamental transformation in how global enterprises leverage India, with GCCs expanding their footprint by 43 per cent year-on-year to 10 million sq. ft. and now commanding 45.5 per cent of total leasing activity, the report said.
“These are not traditional back-office operations, they are strategic innovation hubs focussed on AI development, digital engineering, and core product development,” said Rahul Arora, Head, Office Leasing & Retail Services, Senior Managing Director (Karnataka, Kerala), India, JLL.
Market fundamentals continue to strengthen, with pan-India vacancy dropping to a five-year low of 14.7 per cent and net absorption reaching a record 13.7 million sq. ft. for the quarter.
Regionally, Bengaluru led with 24.8 per cent share of the Q1 leasing volumes, followed by Mumbai with 19.5 per cent and Hyderabad with 16.8 per cent. Pune had a healthy 14.5 per cent share with Delhi-NCR following at a 14.2 per cent share. Bengaluru saw GCCs account for a 70 per cent share of the quarterly gross leasing activity in the city, marking the strongest share in two years.
