India Office Market Growth Report

Equirus Capital published a report on India's commercial real estate market, highlighting strong demand driven by Global Capability Centres (GCCs) and constrained new supply. In H1 2026, net office absorption in top seven cities rose 2% YoY to 27.4 million sq ft, while new completions fell 10% to 22.2 million sq ft, pushing vacancy to a multi-year low of 15%. GCC leasing grew 22% YoY to 19.2 million sq ft, accounting for a record 45% of gross leasing, with India — Bengaluru leading at 7.6 million sq ft. Average rents increased 9% YoY to Rs 96 per sq ft per month. Green-certified buildings comprised 76% of new completions and 73% of leasing. Retail and logistics also performed well, with warehousing leasing up 16% YoY to 22 million sq ft.