Hyderabad : The IIMB–CRE Matrix GCC Commercial Property Rental Index (GCC-CPRI) for Q1 CY’26 highlights the continued strength of India’s GCC-led office market, with leading office destinations recording healthy rental premiums and sustained occupier demand across the country’s expanding GCC ecosystem.
The Pan-India GCC CPRI stood at 165 in Q1 CY’26 (Base: Q1 CY’14 = 100), 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 “At CRE Matrix, we sit on top of the richest transaction-level dataset on Indian commercial office leasing, and for years we’ve watched GCC occupiers behave differently from the rest of the market – bigger deals, longer tenures, sharper specifications requirements, and a willingness to anchor entire macro-markets. This index is our attempt to put numbers behind that intuition. The first edition alone throws up findings that should reshape how developers and investors think about GCC-readiness: a 15% rental premium in Hyderabad, and early signs that Bengaluru, Pune and NCR’s GCC demand are driving price-efficient decisions. We’re increasingly investing in broader country-of-origin and supply-adequacy research and look forward to deepening both over coming editions.”
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%, highlighting the growing preference for well-connected, Grade A office clusters.
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.
The index is based on one of the industry’s most comprehensive transaction-level datasets, with CRE Matrix mapping approximately 1 billion sq. ft. of office stock, over 2,000 commercial assets and more than 19,000 lease transactions across India’s leading office markets.
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. With this first edition of the GCC CPRI, we extend the same spatio-temporal modelling discipline that underpins our parent CPRI to a segment whose demand trail increasingly sets the pace for Grade A+ office development in India. What we find is nuanced. GCCs are not simply paying more everywhere, nor moving in lockstep with the wider market. A Pure Premium, a Pan-India cooling that diverges from the broader market, pockets of mini-segment volatility we are careful to flag rather than overstate – these are exactly the kind of texture that aggregate indices miss. We hope 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. The GCC-CPRI is also India’s first dedicated rental index designed specifically to track effective office rents paid by Global Capability Centre occupiers across major office markets.