GCC commercial property index hits 165 in Q1 CY’26 amid stable pan-India growth

India’s GCC-led office market showed stable rental premiums and steady occupier demand across major cities, according to the Q1 CY ‘26 IIMB-CRE Matrix GCC Commercial Property Rental Index led by IIM Bangalore and CRE Matrix, a real estate company.

The Pan-India GCC CPRI stood at 165 in Q1 CY ‘26, while the three-year CAGR stood at 0.9%, signalling a stable growth trajectory for India’s Global Capability Centre (GCC) office market. 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%.

Abhishek Kiran Gupta, Co-founder & CEO, CRE Matrix & IndexTap said that the findings of the index “should reshape how developers and investors think about GCC-readiness.”

The report also highlighted the 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.

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. The report also found that 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.

Venkatesh Panchapagesan, Professor of Finance & Chairperson, Real Estate Research Initiative, IIM Bangalore said, “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, Venkatesh added that he hopes “this index becomes a standing reference for how India’s GCC office market actually moves, quarter on quarter.”

The GCC-CPRI is jointly developed by IIM Bangalore and CRE Matrix and serves as a benchmark for tracking rental movements, pricing trends and occupier demand across India’s GCC office markets.

Published on July 2, 2026