India's Office Leasing Reaches ~43 MSF in H1 2026 as GCCs Continue to Drive Demand: Cushman & Wakefield

Why this matters

India’s office leasing surge to approximately 43 million square feet in the first half of 2026, driven predominantly by global capability centers (GCCs), underscores a notable shift in the geography of institutional office demand. For US allocators and capital markets professionals, this signals the growing importance of emerging markets as a complement or alternative to traditional gateway cities, where office fundamentals have been challenged by hybrid work and supply constraints. The sustained expansion of GCCs reflects the ongoing globalization of corporate operations and the strategic prioritization of cost-efficient, tech-enabled hubs outside the US and Europe. This trend also highlights the evolving nature of office demand drivers, with technology and business services sectors anchoring leasing activity in markets that offer scale and talent at competitive cost bases. For lenders and equity investors, the robustness of leasing in India’s office sector may recalibrate risk assessments and capital allocation models, particularly as domestic fundamentals diverge from those in mature markets. While US office markets grapple with elevated vacancy and tenant concessions, India’s leasing momentum suggests a bifurcation in sector performance that could influence cross-border capital flows and portfolio diversification strategies.

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