India's corporate profit-to-GDP ratio has reached levels not seen since 2008, according to reports from CNBC TV18. This metric indicates that corporate earnings are growing faster than the broader economy, driven by strong demand, pricing power, and cost efficiencies. The ratio has reached 5.2 times India's gross domestic product, highlighting the significant contribution of corporate profits to the country's economic output. This corporate strength is being reflected in the commercial real estate sector, where Global Capability Centres (GCCs) continue to dominate office leasing across India's top seven cities.
Global Capability Centres (GCCs) accounted for 45% of office leasing across India's top seven cities in the first half of 2026, according to ANAROCK Research. GCCs leased around 19.2 million sq. ft. of office space during this period, out of the total 42.6 million sq. ft. of gross leasing. This marks an increase from 41% recorded in the corresponding period last year. The southern markets remained the key growth engines, with GCCs accounting for 70% of Bengaluru's 10.8 million sq. ft. gross office absorption, 55% of Chennai's 3.2 million sq. ft. and 48% of Hyderabad's 6.4 million sq. ft.. As Anuj Puri, Chairman of ANAROCK Group, noted, this trend points to a structural shift in India's office market, with MNCs increasingly expanding India-based GCCs to house core functions such as engineering, R&D, AI, finance, cybersecurity and digital operations.
Grade A net office absorption across the top seven cities rose 2% year-on-year to 27.44 million sq. ft. in the first half of 2026 from 26.8 million sq. ft. a year earlier, according to ANAROCK. Bengaluru and Hyderabad together accounted for 49% of total net leasing during the period, with net absorption rising 26% and 24% respectively. On the supply side, new office completions declined 10% year-on-year to 22.15 million sq. ft. from 24.51 million sq. ft., indicating a more measured pace of project launches. With demand continuing to outpace fresh supply, Grade A office vacancy across the top seven cities eased to 15% in first half of 2026 from 16.3% a year earlier. Average monthly office rentals also increased, rising 9% year-on-year to ₹96 per sq. ft. from ₹88 per sq. ft., with Bengaluru, NCR and Hyderabad recording the strongest rental growth, each posting a 10% annual increase.
