Record office leasing, GCC expansion reinforce outlook for premium commercial real estate: Equirus
Flight to quality, rising institutional ownership and robust occupier demand drive preference for Grade A office assets
India’s commercial real estate sector continues to witness strong structural momentum, with record office leasing, sustained expansion of Global Capability Centres (GCCs) and growing demand for premium Grade A office developments reinforcing the long-term outlook for the sector, according to the latest Real Estate Analysis-July 2026 by Equirus Securities.
The brokerage said office leasing touched a record 45.5 million sq ft during the first half of calendar year 2026, marking the highest-ever leasing for any first half. Global Capability Centres (GCCs) accounted for 43 per cent of the total office absorption, underlining India’s growing role as a preferred destination for multinational corporations establishing technology, engineering, financial services and business support operations.
According to the report, occupiers continue to prioritise green-certified, ESG-compliant Grade A office developments, reinforcing the ongoing “flight to quality” across India’s commercial real estate market. Companies are increasingly opting for modern workplaces that offer sustainability, employee wellness and operational efficiencies.
Equirus noted that India’s Grade A office stock has crossed 1 billion sq ft, while institutional ownership of commercial real estate continues to increase, reflecting the growing maturity of the market and rising participation from global investors.
The report also highlighted that healthy occupier demand, infrastructure development and continued GCC expansion are expected to sustain leasing momentum across major office markets, including Bengaluru, Hyderabad, Mumbai, Pune, Chennai and the National Capital Region.
The trends assume significance for developers with premium commercial office portfolios. In Delhi-NCR, listed developers such as DLF and Max Estates have established commercial office platforms, while Phoenix Mills, Phoenix Mills, Prestige Estates Projects and Oberoi Realty continue to strengthen its commercial real estate presence across major cities.
Apart from commercial real estate, the report noted that India’s residential market remains resilient despite a high base, supported by sustained demand in the premium housing segment and improving balance sheets of organised developers. It also pointed to continued capital market activity, with listed real estate companies raising funds through qualified institutional placements and other routes to support future growth. Max Estates, for instance, completed an ₹800 crore Qualified Institutional Placement (QIP) in August 2024, according to the report.
The brokerage said the combination of sustained GCC expansion, increasing institutional participation, improving infrastructure and occupiers’ preference for high-quality office developments is expected to provide long-term support to India’s organised commercial real estate sector.
