Global Capability Centres (GCCs) have become one of the most influential drivers of India’s commercial office market. Their long-term expansion strategies, preference for premium office assets, and growing footprint across major cities continue to influence rental trends beyond the broader occupier market.
The IIMB–CRE Matrix GCC Commercial Property Rental Index (GCC CPRI) Q1 CY’26 provides India’s first dedicated rental benchmark tracking effective office rents paid by GCC occupiers across Grade A and A+ office assets. Built on the same methodology as the established Commercial Property Rental Index (CPRI), the GCC CPRI offers a transparent view of rental movements across ten major office markets and 46 micro-markets.
Key Highlights from Q1 CY’26
The latest index reveals a structurally evolving office market, where GCC expansion is intensifying rental premiums in select cities while stabilising pricing in established markets.
Hyderabad Emerges as India’s Strongest GCC Office Market
Hyderabad retained its leadership position in India’s GCC office market in Q1 CY’26, recording the highest GCC Commercial Property Rental Index (GCC CPRI) at 212.0. The city also posted 5.4% year-on-year growth, reflecting sustained demand from multinational occupiers despite a maturing office market.
Hyderabad commands the widest rental premium among India’s major office markets, with GCC occupiers paying approximately 15% higher than prevailing market rents and 10% above passing rents. This highlights the willingness of global enterprises to pay a premium for high-quality office assets in established GCC clusters.
Hitec City continues to anchor Hyderabad’s growth story, recording the highest three-year CAGR of 11.1% among the city’s micro-markets. Large leasing transactions such as Novartis Healthcare’s 865,967 sq. ft. lease at Salarpuria Sattva Group and Qualcomm’s 388,543 sq. ft. commitment at Commerzone Raidurg further reinforce Hitec City’s position as India’s preferred destination for large-format GCC occupiers.
Pune Leads India’s GCC Rental Premium
Pune records a GCC CPRI of 210.7, the second-highest among all cities.
More importantly, GCC occupiers in Pune pay a 16.3% premium over the broader office market (CPRI: 181.2)—the widest gap across India.
While rental growth has moderated after years of rapid appreciation, the market has stabilised, with GCC CPRI fluctuating within a narrow 1.8% range over the last five quarters.
- North-East Pune accounts for 51% of the total GCC-occupied area
- SBD Pune records the highest micro-market GCC CPRI at 200.2
Mumbai Enters a Phase of Pricing Maturity
Mumbai continues to reflect a mature and balanced office ecosystem.
- GCC CPRI: 149.0
- Broader CPRI: 144.7
- GCC premium: just 2.9%
This close convergence indicates that the broader office market has largely caught up with GCC pricing, rather than GCCs paying a significant premium.
Key micro-market trends:
- Central Mumbai records the highest GCC CPRI at 240.6
- Central Suburbs show the strongest momentum with:
- 22.7% three-year CAGR
- 24.1% QoQ growth
Leasing activity has increasingly shifted toward cost-efficient hubs like the Eastern Suburbs and Andheri.
Navi Mumbai: India’s Fastest-Growing GCC Market
Navi Mumbai stands out as the most dynamic growth story in the report.
- GCC CPRI: 170.7
- Three-year CAGR: 13.4% (highest in India)
Just two years ago, GCC rents in the region trailed the broader market. Today, they command a 15.8% premium, underscoring its rapid emergence as a preferred GCC destination.
- Navi Mumbai South remains the strongest micro-market at 181.5
- Navi Mumbai North is gaining traction due to lower effective costs and rent-free incentives
Thane: Steady, Predictable Growth Continues
Thane continues to offer one of the most stable rental environments in the country.
- GCC CPRI: 182.3
- YoY growth: 6.5%
- Three-year CAGR: 5.4%
A key takeaway is the near-parity between passing rents and market rents, suggesting minimal rental shocks for upcoming lease renewals.
Delhi Sees Strong Quarterly Momentum
Delhi recorded one of the strongest quarterly performances in the study.
- GCC CPRI: 137.0 (+2.3% QoQ)
- Broader CPRI growth: 7.4% QoQ
Growth was supported by:
- New supply additions, especially Worldmark Phase 2
- Consistent demand from both GCC and non-GCC occupiers
CBD Delhi remains the top micro-market with a GCC CPRI of 166.4.
Gurugram: Value-Driven GCC Leasing Hub
Gurugram continues to function as a cost-competitive market for large GCCs.
- GCC CPRI: 87.2
- Broader market CAGR (3-year): 9.4%
The divergence reflects the strong negotiating power of large occupiers securing favourable lease terms.
- Sohna Road emerges as the strongest GCC micro-market at 206.4
- Leasing is increasingly concentrated in lower-rent clusters across Sohna Road and Gurgaon periphery markets
Chennai: Soft Quarter but Strong Core Demand
Chennai witnessed a temporary dip in the index value:
- GCC CPRI: 80.6 (decline)
However, underlying demand remains healthy, driven by large transactions from:
- Workday
- Concentrix
- FL Smidth
Southern Suburbs I continues to dominate, accounting for 52% of GCC leasing activity, reinforcing its position as the city’s GCC hub.
Noida: Market Normalisation After Rapid Expansion
Noida is entering a stabilisation phase after strong expansion in 2024–25.
- GCC CPRI: 106.0
- GCC rents: +8.7% QoQ growth
Key concentration:
- Greater Noida Expressway accounts for 87% of GCC leasing activity
Despite moderation in index levels, premium Grade A assets continue to attract strong pricing.
What This Means for India’s Office Market
The Q1 CY’26 data highlights a clear structural shift: GCCs are now the active price-setters.
Three key trends stand out:
- Emerging premium markets
Pune, Navi Mumbai, and Thane are witnessing sustained GCC-led rental growth. - Mature convergence markets
Mumbai reflects near-parity in pricing between GCC and broader occupiers. - Cost-optimisation in leasing strategy
GCCs are increasingly gravitating toward well-connected, cost-efficient micro-markets while continuing to prioritise Grade A office quality.
As GCC expansion deepens, rental dynamics are expected to be shaped increasingly by fundamentals such as talent availability, infrastructure maturity, and ecosystem depth, rather than traditional location hierarchies.
India’s office market is evolving beyond growth, with GCCs now fundamentally reshaping its core structure.
Explore how CRE Matrix can help you track GCC-led rental trends and make data-driven real estate decisions with confidence. Book a demo today.
Media Mentions
- Business Standard: Hyderabad emerges as India’s highest-priced GCC office market: Report.
- Communications Today: Hyderabad tops GCC destination rankings in Q1 2026.
