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Office space demand in India is expected to strengthen as the conversion of Special Economic Zone (SEZ) areas into regular office spaces gathers momentum, according to a report by Nuvama Research.

The report highlighted that with SEZ space issues now easing, demand from Global Capability Centres (GCCs) and domestic companies is set to rise further.

Nuvama Research stated, “We believe the office cycle has turned, and GCC demand is gaining traction. With the SEZ space issue behind us, we believe office demand should improve going ahead."

The report also noted that retail consumption in India is on a structural uptrend, which supports the overall commercial real estate outlook.

With the office cycle turning, leasing activity continued to gain momentum in Q2 FY26.

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