Swiss private banking firm Julius Baer has leased a 74,037 sq ft office in Mumbai’s Andheri East, signalling the increasing influence of global capability centres in India’s office demand, which is expected to remain robust in the coming years.
Swiss private banking firm Julius Baer has expanded its India footprint with a 74,037 square foot office lease in Mumbai’s Andheri East, according to Business Standard, which cited deal documents accessed through Propstack. Julius Baer Global Enterprise Services (India) will use the seventh floor at Waterstones Business Park for its global capability centre and commercial back-office work.
The lease began on May 1, 2026 and runs for 60 months. Business Standard reported that the monthly rent is ₹1.55 crore, or ₹209 per square foot, putting the total rental bill at ₹102.6 crore over the term. The company also paid a security deposit of ₹12.38 crore, with rent set to rise 5% each year. Julius Baer did not respond to email queries from the newspaper.
The deal comes as global capability centres, or GCCs, continue to drive India’s office market. Colliers India said GCCs have accounted for 37% of all grade-A office demand since 2021, with 118 million square feet leased over that period. In the first half of 2026 alone, Colliers said GCCs leased 16.6 million square feet, equal to 46% of total uptake across the top seven Indian cities.
Other property consultancies have described a similar pattern. CBRE South Asia said India’s office market posted record leasing of about 45.5 million square feet in the first half of 2026, with GCCs making up 43% of demand. Anarock likewise found that GCCs accounted for 45% of gross leasing in the first half, highlighting how multinational firms are increasingly using India for engineering, finance, cyber security and digital operations. Colliers expects annual GCC leasing to remain in the 35 million to 40 million square foot range over the next two years, with Mumbai poised to remain a key hub for banking and financial services occupiers.
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