Categories: Main Stories|By Realty Connect|Published On: July 13, 2026|4.1 min read|

India’s First GCC Rental Index Reveals a New Office Market Divide

India's First GCC Rental Index Reshapes Office Market

What does India’s first GCC Rental Index reveal about the office market?

India’s first IIMB-CRE Matrix GCC Commercial Property Rental Index (GCC CPRI) shows that Global Capability Centres (GCCs) are reshaping India’s office market with rental trends that increasingly differ from the broader commercial sector. The report highlights emerging GCC hotspots such as Navi Mumbai and Thane, while showing that mature markets like Gurugram and Noida are witnessing different rental dynamics due to large-scale corporate leasing.

India Launches Its First GCC Office Rental Benchmark

India’s rapidly expanding Global Capability Centre (GCC) ecosystem has received its first dedicated office rental benchmark with the launch of the IIMB-CRE Matrix GCC Commercial Property Rental Index (GCC CPRI). Developed by IIM Bangalore and CRE Matrix, the index tracks rental movements across Grade A and Grade A+ office assets leased by GCCs, providing developers, investors and occupiers with a clearer understanding of one of the country’s fastest-growing commercial real estate segments.

Unlike traditional office rental reports, the GCC CPRI focuses exclusively on leasing trends within Global Capability Centres, a sector that now plays a defining role in India’s commercial office demand.

GCCs Continue to Shape India’s Office Market

The report reveals that GCCs have become one of the biggest occupiers of Grade A office space across India’s leading business cities, accounting for over half of the country’s institutional office leasing activity. As multinational companies continue expanding engineering, technology, finance and R&D operations in India, GCC demand is creating distinct rental trends that differ from the broader office market.

Key Highlights

Navi Mumbai recorded the strongest GCC rental growth over the past three years, emerging as one of India’s fastest-growing GCC office destinations.
Thane maintained steady rental appreciation, reflecting increasing corporate interest in decentralised office locations.
Bengaluru and Hyderabad continue to dominate India’s GCC landscape, supported by large Grade A office stock and deep talent pools.
Gurugram remains a preferred destination for multinational occupiers, although large corporate transactions continue to influence effective rental trends.
Delhi strengthened its commercial leasing performance, while Noida experienced softer GCC rental movement despite continued demand for premium office assets.

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Why the GCC Rental Index Matters

One of the biggest takeaways from the report is that India’s office market can no longer be analysed using a single rental benchmark. GCC occupiers negotiate longer lease tenures, larger office spaces and customised commercial terms, resulting in rental patterns that often differ from the wider commercial market.

The GCC CPRI measures effective rentals by accounting for lease incentives, rent-free periods and transaction structures, making it a more accurate indicator of actual leasing costs than quoted market rents.

As India strengthens its position as the world’s leading GCC destination, specialised rental benchmarks like the GCC CPRI are expected to become essential for developers planning office projects, investors assessing commercial assets and multinational companies evaluating expansion strategies.

Stay updated with RealtyConnect for the latest GCC reports, commercial real estate insights, office leasing trends and investment updates shaping India’s next generation of business districts.

FAQs:

1. What is the GCC Rental Index and why does India need a separate benchmark for GCCs?

The IIMB-CRE Matrix GCC Commercial Property Rental Index (GCC CPRI) is India’s first office rental benchmark dedicated exclusively to Global Capability Centres (GCCs). Unlike traditional office rental indices, it tracks rental trends based on GCC leasing transactions. India needs a separate benchmark because GCCs lease offices differently from conventional occupiers, often signing larger, long-term agreements with customised commercial terms. This provides a more accurate picture of the office market driven by multinational companies.

2. Which Indian cities are emerging as the fastest-growing GCC office destinations?

The GCC Rental Index identifies Navi Mumbai as one of India’s fastest-growing GCC office markets, recording the strongest rental growth over the past three years. Thane has also emerged as a stable and growing GCC destination. Meanwhile, Bengaluru and Hyderabad continue to lead the country with their mature GCC ecosystems, supported by strong talent availability, world-class office infrastructure and sustained multinational investment.

3. Why do GCC occupiers create different rental patterns than regular office tenants?

GCC occupiers typically lease larger office spaces for longer durations than regular businesses and often negotiate customised commercial agreements, including rent-free periods, fit-out support and flexible lease structures. Because of these large-scale transactions, the effective rents paid by GCCs can differ significantly from headline market rents, creating rental trends that do not always match the broader commercial office market.

4. How does the GCC Rental Index measure rents differently from traditional office reports?

Unlike traditional reports that primarily track quoted or asking rents, the GCC Rental Index measures effective rents based on actual lease transactions. It factors in rent-free periods, lease tenure, deposits and other commercial incentives to reflect the true occupancy cost for GCC tenants. This approach provides developers, investors and occupiers with a more realistic benchmark of office leasing costs.

5. Which cities dominate India's GCC office landscape and which are seeing softer trends?

Bengaluru and Hyderabad remain India’s largest and most established GCC hubs due to their extensive Grade A office inventory, skilled workforce and strong multinational presence. Gurugram continues to be a preferred destination for global occupiers, while Delhi has shown improving commercial leasing momentum. On the other hand, Noida has witnessed relatively softer GCC rental movement in the latest index, despite continued demand for premium office assets, indicating changing leasing dynamics rather than weakening market fundamentals.