In the first quarter of 2023, foreign firms leased a record 9.1 million sq ft of office space across India's top nine cities for the establishment of Global Capability Centres (GCCs), according to CBRE, a real estate consultancy. This contributed to a total gross leasing of 20.7 million sq ft, reflecting a 5% increase from 19.7 million sq ft in the same period last year. The nine cities included in the report are Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Pune, Kolkata, Ahmedabad, and Kochi. Anshuman Magazine, Chairman & CEO of CBRE for the region, emphasized that this record leasing activity underscores India's status as a preferred destination for high-complexity functions across various sectors, including e-commerce, technology, and banking, financial services, and insurance (BFSI). Notably, 73% of the leasing was attributed to American firms. The demand is being driven not just by large corporations but also by mid-market and nano GCCs. Bengaluru led the office leasing market with a 29% share, followed by Delhi-NCR at 22% and Mumbai at 16%, together accounting for approximately 67% of total leasing across the nine cities. As companies increasingly seek green-certified and amenity-rich workspaces, the momentum in leasing is expected to continue through 2026.