India office market remains resilient as demand stays ahead of new supply

India's commercial real estate market is expected to remain strong, supported by the continued expansion of Global Capability Centres (GCCs), limited new office supply and growing demand for institutional-grade workspaces, according to a report by Equirus.The brokerage said favourable demand-supply conditions are likely to support office space absorption and rental growth, as companies increasingly shift towards Grade A and green-certified campuses.India's top seven cities recorded net office absorption of 27.4 million sq ft in the first half of 2026, up 2% year-on-year, according to the report.New office completions, meanwhile, stood at 22.2 million sq ft, down 10% from a year earlier.The gap between demand and new supply helped bring the average office vacancy rate down to a multi-year low of 15%.GCCs account for record share of office leasingGCCs remained the biggest driver of office demand, accounting for a record 45% of gross office leasing in H1 2026.GCC leasing rose 22%…