By inspecting the source of ConcordanceIndex, we can see that results are printed to stdout. If redirecting stdout to a file is not an option, you have to reimplement the ConcordanceIndex.print_concordance such that it returns the results rather than printing it to stdout. 
Code:
def concordance(ci, word, width=75, lines=25):
    """
    Rewrite of nltk.text.ConcordanceIndex.print_concordance that returns results
    instead of printing them. 
    See:
    http://www.nltk.org/api/nltk.html#nltk.text.ConcordanceIndex.print_concordance
    """
    half_width = (width - len(word) - 2) // 2
    context = width // 4 # approx number of words of context
    results = []
    offsets = ci.offsets(word)
    if offsets:
        lines = min(lines, len(offsets))
        for i in offsets:
            if lines <= 0:
                break
            left = (' ' * half_width +
                    ' '.join(ci._tokens[i-context:i]))
            right = ' '.join(ci._tokens[i+1:i+context])
            left = left[-half_width:]
            right = right[:half_width]
            results.append('%s %s %s' % (left, ci._tokens[i], right))
            lines -= 1
    return results
Usage:
from nltk.book import text1
from  nltk.text import ConcordanceIndex
ci = ConcordanceIndex(text1.tokens)
results = concordance(ci, 'circumstances')
print(type(results))
<class 'list'>