India’s GCC-led office market has demonstrated stable rental premiums and steady occupier demand across major cities, according to the Q1 CY ’26 IIMB-CRE Matrix GCC Commercial Property Rental Index (GCC-CPRI), jointly developed by IIM Bangalore and CRE Matrix, a real estate data company. The pan-India index stood at 165 in Q1 CY ’26, while the three-year compound annual growth rate (CAGR) came in at 0.9%, signalling a stable growth trajectory for India’s Global Capability Centre (GCC) office market.
City-Level Performance Varies
While the national index remained stable, the report noted that city-level performance continues to vary significantly, reflecting distinct occupier demand patterns and market maturity across India’s office hubs. Among major office markets, Hyderabad emerged as the highest-ranked GCC destination with a GCC-CPRI of 212.1, supported by strong occupier demand and a 15% market rental premium over non-GCC occupiers. Pune continued to demonstrate strong pricing power, with GCC occupiers paying approximately 21% higher rentals than non-GCC tenants and a GCC-CPRI of 210.7. Bengaluru retained its position as India’s largest and most established GCC office market, recording a GCC-CPRI of 190 and a three-year growth rate of 1.6%.
| City | GCC-CPRI (Q1 CY’26) | Key Metric |
|---|---|---|
| Hyderabad | 212.1 | 15% rental premium over non-GCC |
| Pune | 210.7 | 21% rental premium over non-GCC |
| Bengaluru | 190 | 1.6% three-year CAGR |
| Navi Mumbai | — | 13.4% three-year CAGR (highest among major markets) |
| Mumbai Central Suburbs | — | >22% three-year CAGR |
| Chennai Northern Suburbs | — | >22% three-year CAGR |
The report also highlighted growing momentum in western India, with Navi Mumbai recording the highest three-year GCC rental CAGR among major markets at 13.4%. Mumbai and Thane continued to witness healthy rental growth, reinforcing the region’s emergence as an increasingly important hub for GCC expansion.
Micro-Market and Regional Insights
Among micro-markets, Mumbai’s Central Suburbs and Chennai’s Northern Suburbs emerged as the strongest performers over the past three years, each recording GCC rental CAGR of over 22%. Despite Chennai’s headline GCC index declining year-on-year, the report noted that effective rents for comparable office stock have remained largely stable, indicating that the movement reflects changes in transacted asset mix rather than a broad-based correction in rental values. Similarly, Delhi-NCR’s softer combined GCC index was primarily driven by shifts in regional composition rather than weakening occupier demand, suggesting continued resilience in the capital region’s GCC office market.
Executive Commentary
Abhishek Kiran Gupta, Co-founder & CEO of CRE Matrix & IndexTap, said that the findings of the index “should reshape how developers and investors think about GCC-readiness.” Venkatesh Panchapagesan, Professor of Finance & Chairperson of the Real Estate Research Initiative at IIM Bangalore, commented: “Global Capability Centres have quietly become one of the most consequential forces in Indian commercial real estate – yet until now, no rigorous, transaction-based index has isolated their rental behaviour from the broader market.” On the index itself, he added that he hopes “this index becomes a standing reference for how India’s GCC office market actually moves, quarter on quarter.”
Implications for Stakeholders
The GCC-CPRI serves as a benchmark for tracking rental movements, pricing trends, and occupier demand across India’s GCC office markets. For developers and investors, the index provides data-driven insights into which cities and micro-markets offer the strongest GCC rental premiums and growth trajectories. The stable pan-India index, combined with sharp city-level variations, suggests that strategic location selection is critical for capturing GCC demand. The rapid growth in Navi Mumbai and the strong performance of suburban micro-markets in Mumbai and Chennai indicate that secondary office hubs are gaining traction as GCCs seek cost-effective yet high-quality space. Investors may consider rebalancing portfolios toward markets with higher GCC premiums, such as Pune and Hyderabad, while keeping an eye on emerging clusters in western India.
The index was published on July 2, 2026. The next quarterly update will provide further data on whether the stable national trend persists and how city-level dynamics evolve.
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