GCCs Now Drive 42 of India's Office Leasing: Is Commercial Real Estate Becoming Too Dependent on Them?

GCCs now account for 42% of India's office leasing. Is that strength or concentration risk?

India's office market has just set another record.

66.4 million sq ft was absorbed during January to September 2026, up 8% year-on-year.

GCCs alone leased 28 million sq ft, up 16%, and accounted for roughly 42% of total absorption.

They also represented 59% of Q3 transactions above 100,000 sq ft.

That is an extraordinary demand engine for commercial real estate.

But there is another number worth watching.

New office supply increased 18% to 51 million sq ft, faster than the 8% growth in absorption.

And occupiers are becoming highly selective. Green-certified buildings captured 82% of Q3 leasing.

So the office boom may not benefit every building equally.

Premium, sustainable properties near talent and infrastructure could gain while older or poorly located assets struggle, even in a record market.

GCCs can also create concentration risk when individual buildings become dependent on very large tenants.

The question for developers and investors is therefore not simply:

Will India's office market keep growing?

It is:

Are we building the right offices, in the right locations, for the companies actually driving that growth?

See Link -> GCC expansion could take India's next office boom beyond major cities