India is set to account for nearly 40 per cent of Asia Pacific’s Grade A office completions in 2026, underlining the country’s expanding role in global corporate real estate as multinational firms deepen their footprint across major metros.
According to a new market outlook by CBRE South Asia Pvt Ltd, total Grade A office supply across APAC is projected to touch 61.3 million sq ft in 2026, up from 55.3 million sq ft in 2025. India and mainland China together are expected to contribute more than three-quarters of this new supply, reflecting concentrated construction activity in the region’s largest economies. Within India, Bengaluru is forecast to emerge as the leading APAC market for new office completions at 12.1 million sq ft, ahead of Shanghai. Delhi NCR is projected to add 7.1 million sq ft, while Mumbai is expected to see supply nearly double to 5.1 million sq ft. Consultants attribute Bengaluru’s lead to sustained expansion by Global Capability Centres (GCCs), particularly in technology, financial services and research functions. India now hosts over 1,500 GCCs, and several global firms have announced plans to scale up engineering, analytics and AI teams, fuelling demand for high-specification campuses. Office assets have also regained favour among institutional investors in APAC, overtaking industrial and logistics properties for the first time in six years.
Analysts say this shift reflects stabilising occupancy levels, rental resilience in prime districts and long-term confidence in knowledge-driven sectors. In Mumbai, the financial district of Bandra Kurla Complex recorded the highest rental growth in APAC in 2025, rising over 23 per cent year-on-year. Double-digit growth is expected to continue into 2026, supported by limited Grade A vacancy and strong demand from banking and financial services firms. Urban economists caution, however, that rapid supply expansion must align with infrastructure readiness. Metro rail connectivity, last-mile transport, energy reliability and climate-resilient building standards will play a critical role in sustaining absorption levels. Cities such as Bengaluru and Mumbai already face congestion and flooding risks, underscoring the need for integrated planning alongside commercial expansion.
The concentration of new office development in India signals the country’s evolution from a back-office destination to a strategic operations hub. If supported by sustainable urban infrastructure and calibrated phasing, the projected 2026 supply wave could reinforce India’s position as a cornerstone of APAC’s corporate real estate landscape.
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