GCCs are leasing more offices. Does that make this building a better investment?

CBRE’s India Office Figures Q3 2026 reports approximately 21 million square feet of quarterly absorption, up 6% year on year. Global capability centres accounted for 41% of quarterly leasing. The figures provide evidence of active occupier demand across the surveyed market; they do not establish occupancy, achievable rent or investment returns for a particular asset.

A tenant choosing a location weighs access, power, security, amenities and the building’s ability to support its operations. The owner should test whether the asset competes for the occupiers described in the market report.

Ask which comparable buildings actually secured leases, when those transactions occurred and what incentives were involved. A nearby premium project may serve a different tenant requirement. Its headline rent may not be a usable comparable.

Imagine two similar floors with the same stated rent. One has a longer rent-free period, substantial owner-funded works and a near-term break option. The other has different cash timing and a stronger remaining commitment. Their economics can differ materially despite the same quoted rate.

Review effective rent, recovery of operating expenses, vacancy assumptions and capital expenditure. Legal and tax advisers should examine the relevant contractual and ownership arrangements.

High occupancy is reassuring until a large tenant’s exit coincides with major refurbishment. Understand tenant concentration, expiry clustering and options that allow occupiers to reduce space.

A GCC occupier can be attractive without eliminating business or location risk. Consider the parent organisation’s plans, the role of the local operation and the consequences of consolidation. Avoid treating a tenant category as a credit guarantee.

A strong market can improve the opportunity set. The investment case still needs to show how this asset can win and retain tenants at a price that justifies its purchase and future spending.

A useful review connects verified lease cash flows, realistic capital requirements and alternative occupancy scenarios. That makes the broad demand story relevant to a specific price rather than allowing it to substitute for diligence.