Hyderabad has emerged as India's highest-priced office market for Global Capability Centres (GCCs), according to the first edition of the IIM Bangalore–CRE Matrix GCC Commercial Property Rental Index (GCC-CPRI) for Q1 CY'26. The report indicates that India's GCC office market continued to witness stable rental performance, with occupiers paying premiums for quality office space across major business hubs. 
The pan-India GCC-CPRI stood at 165 during Q1 CY'26, using Q1 CY'14 as the base period. The report also recorded a three-year compound annual growth rate (CAGR) of 0.9%, pointing to steady growth in the country's GCC office market. However, rental trends differed across cities, reflecting variations in occupier demand and the maturity of individual office markets. 
Among the leading office markets, Hyderabad recorded the highest GCC-CPRI of 212.1. The city also reported a 15% rental premium paid by GCC occupiers compared with non-GCC tenants, supported by continued demand from multinational companies establishing or expanding their capability centres. 
Pune ranked close behind with a GCC-CPRI of 210.7. The report noted that GCC occupiers in the city paid nearly 21% higher rentals than non-GCC tenants, highlighting Pune's growing appeal for technology and engineering-focused GCC operations. 
Bengaluru retained its position as India's largest and most established GCC office market. The city recorded a GCC-CPRI of 190 and registered a three-year growth rate of 1.6%, reflecting its continued importance as the country's leading destination for Global Capability Centres. 
Commenting on the findings, Abhishek Kiran Gupta, Co-founder and CEO of CRE Matrix and IndexTap, said the company has observed distinct leasing patterns among GCC occupiers for several years, including larger transactions, longer lease tenures and higher-quality office requirements. He added that the new index quantifies these trends and indicates that Hyderabad's rental premium, along with demand patterns in Bengaluru, Pune and Delhi-NCR, could influence how developers and investors plan future GCC-focused office projects. He also said the company is expanding its research on GCC origin markets and office supply. 
The report also highlighted growing momentum in western India. Navi Mumbai recorded the highest three-year GCC rental CAGR among major office markets at 13.4%, while Mumbai and Thane continued to post healthy rental growth, strengthening the region's position as an expanding GCC destination. 
At the micro-market level, Mumbai's Central Suburbs and Chennai's Northern Suburbs recorded GCC rental CAGR of more than 22% over the past three years. According to the report, this reflects increasing demand for well-connected Grade A office clusters. 
Although Chennai's overall GCC index declined compared with the previous year, the report stated that rents for comparable office properties remained broadly stable. It noted that the movement was largely due to changes in the mix of leased assets rather than a broad decline in rental values. 
Similarly, Delhi-NCR's relatively softer combined GCC index was attributed to changes in the regional composition of transactions instead of weaker occupier demand, suggesting that the office market in the region continues to remain resilient. 
The GCC-CPRI has been jointly developed by IIM Bangalore and CRE Matrix as India's first dedicated rental index for tracking effective office rents paid by GCC occupiers. The index is based on transaction-level data covering around 1 billion sq. ft. of office stock, more than 2,000 commercial assets and over 19,000 lease transactions across the country's leading office markets. 
Venkatesh Panchapagesan, Professor of Finance and Chairperson of the Real Estate Research Initiative at IIM Bangalore, said the new index separates GCC rental behaviour from the broader commercial office market using transaction-based analysis. He said the findings show that GCC occupiers do not pay higher rents uniformly across all markets and that the data reveals varying rental premiums, market cooling and localised volatility. He added that the index is intended to become a regular benchmark for tracking rental movements across India's GCC office market. 
India has emerged as one of the world's largest GCC destinations, with multinational companies continuing to expand technology, engineering, finance and business support operations across major cities. This sustained expansion has made GCCs one of the key drivers of demand for Grade A office space in recent years.