IIM Bangalore and CRE Matrix launch India's first GCC Office Rental Index
Inaugural report co-developed by IIMB’s Real Estate Research Initiative finds Hyderabad to be the country's highest-priced GCC office market in Q1 CY2026
30 June, 2026, Mumbai: IIM Bangalore, in collaboration with CRE Matrix, launched the GCC Commercial Property Rental Index (GCC-CPRI), India's first dedicated office rental index for Global Capability Centres (GCCs), at Mindspace Business Parks REIT, Mumbai, on 26th June 2026. Developed under the aegis of IIMB's Real Estate Research Initiative (RERI), the index offers a data-driven benchmark for tracking effective office rentals across India's leading GCC markets.
The index was unveiled at PropDEX 2026 in Mumbai and draws on transaction-level data spanning nearly one billion sq. ft. of office space, over 2000 commercial assets and more than 19000 lease transactions. It provides a structured view of rental trends, which enables developers, occupiers, investors and policymakers to better understand one of India's fastest-growing commercial real estate segments.
On the launch of the report, Prof. Venkatesh Panchapagesan, Chairperson, RERI and faculty of the Finance and Accounting area at IIMB, said that 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 localized volatility. He added that the index is intended to become a regular benchmark for tracking rental movements across India's GCC office market.
The first edition of the index highlights stable rental performance across India's GCC office market but underlines significant variation at the city level. Hyderabad emerged as the highest-priced GCC office market during the first quarter of CY 2026, with the highest GCC-CPRI of 212.1 and a 15% rental premium paid by GCC occupiers against non-GCC tenants. Pune and Bengaluru followed, revealing a steady demand for high-quality office space from multinational enterprises expanding their capability centres in India.
The launch of the GCC-CPRI marks another milestone for IIM Bangalore's Real Estate Research Initiative, which is a one-of-its-kind Initiative in the country with an aspiration to be a world-class CoE fully dedicated to the Indian real estate (RE) and allied sectors. Currently, it’s the only such initiative in the country conducting scientific and interdisciplinary research, driving policy, teaching the nuances and engaging with all stakeholders across the Real Estate (RE) spectrum.
Abhishek Kiran Gupta, Co-founder & CEO of CRE Matrix & IndexTap, said that the index translates long-observed leasing patterns among GCC occupiers into a measurable benchmark that offers stakeholders a clearer understanding of rental trends and their implications for future office development and investment.
As India continues to strengthen its position as a global GCC hub, the GCC-CPRI is expected to serve as a recurring benchmark for monitoring rental movements and informing strategic decisions across the commercial real estate sector.
IIM Bangalore and CRE Matrix launch India's first GCC Office Rental Index
Inaugural report co-developed by IIMB’s Real Estate Research Initiative finds Hyderabad to be the country's highest-priced GCC office market in Q1 CY2026
30 June, 2026, Mumbai: IIM Bangalore, in collaboration with CRE Matrix, launched the GCC Commercial Property Rental Index (GCC-CPRI), India's first dedicated office rental index for Global Capability Centres (GCCs), at Mindspace Business Parks REIT, Mumbai, on 26th June 2026. Developed under the aegis of IIMB's Real Estate Research Initiative (RERI), the index offers a data-driven benchmark for tracking effective office rentals across India's leading GCC markets.
The index was unveiled at PropDEX 2026 in Mumbai and draws on transaction-level data spanning nearly one billion sq. ft. of office space, over 2000 commercial assets and more than 19000 lease transactions. It provides a structured view of rental trends, which enables developers, occupiers, investors and policymakers to better understand one of India's fastest-growing commercial real estate segments.
On the launch of the report, Prof. Venkatesh Panchapagesan, Chairperson, RERI and faculty of the Finance and Accounting area at IIMB, said that 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 localized volatility. He added that the index is intended to become a regular benchmark for tracking rental movements across India's GCC office market.
The first edition of the index highlights stable rental performance across India's GCC office market but underlines significant variation at the city level. Hyderabad emerged as the highest-priced GCC office market during the first quarter of CY 2026, with the highest GCC-CPRI of 212.1 and a 15% rental premium paid by GCC occupiers against non-GCC tenants. Pune and Bengaluru followed, revealing a steady demand for high-quality office space from multinational enterprises expanding their capability centres in India.
The launch of the GCC-CPRI marks another milestone for IIM Bangalore's Real Estate Research Initiative, which is a one-of-its-kind Initiative in the country with an aspiration to be a world-class CoE fully dedicated to the Indian real estate (RE) and allied sectors. Currently, it’s the only such initiative in the country conducting scientific and interdisciplinary research, driving policy, teaching the nuances and engaging with all stakeholders across the Real Estate (RE) spectrum.
Abhishek Kiran Gupta, Co-founder & CEO of CRE Matrix & IndexTap, said that the index translates long-observed leasing patterns among GCC occupiers into a measurable benchmark that offers stakeholders a clearer understanding of rental trends and their implications for future office development and investment.
As India continues to strengthen its position as a global GCC hub, the GCC-CPRI is expected to serve as a recurring benchmark for monitoring rental movements and informing strategic decisions across the commercial real estate sector.