Mumbai: Defying macroeconomic and geopolitical headwinds, India’s commercial real estate market recorded a historic performance in 2025, driven largely by Global Capability Centres (GCCs).
According to the FICCI-ANAROCK report Workplaces 2025: India Commercial Real Estate Reimagined, GCCs accounted for over 40% of total gross office leasing across India’s top seven cities, underscoring their central role in shaping the future of Workplaces 2025.
Released at the 3rd Edition of the FICCI Commercial Real Estate Conclave in Bengaluru, the Workplaces 2025 report projects that India will host more than 2,400 GCCs by 2030, employing over 2.8 million professionals, cementing the country’s position as a global hub for high-value corporate operations.
Also Read: Tamil Nadu GCC Growth: Chennai Hosts 10 Per Cent of India’s GCC Base
Workplaces 2025: GCC Growth Reshapes India’s Office Market
By the end of 2024, India was home to over 1,700 GCCs, employing more than 1.9 million professionals.
The GCC market size expanded from USD 30 billion in 2019 to approximately USD 64 billion in 2024, reflecting sustained demand from sectors such as IT/ITeS, BFSI, Healthcare & Life Sciences, and Engineering Research & Development (ER&D).
“By 2024-end, India hosted over 1,700 GCCs, employing more than 1.9 million professionals,” says Anuj Puri, Chairman – ANAROCK Group.
“Over the years, India’s GCC landscape has expanded rapidly, with its market size rising from USD 30 Bn in 2019 to approx. USD 64 Bn in 2024. This growth is fuelled by an ever-increasing demand from key sectors like IT/ITeS, BFSI, Healthcare & Life Sciences, and Engineering Research & Development (ER&D).”
“The momentum is expected to continue,” Puri adds. “The Indian GCC market is projected to reach a market size of USD 105–110 Bn by 2030, growing at a CAGR of 10%. The sector’s ability to attract and retain global talent, coupled with India’s cost efficiency and its skilled captive workforce, continues to fuel demand for premium office spaces.”
The Workplaces 2025 report highlights that GCC expansion is no longer limited to metro cities. While the top seven cities remain dominant, Tier 2 cities such as Jaipur, Indore, Surat, Kochi, and Coimbatore are emerging as the next growth hubs, marking a significant decentralisation trend in Workplaces 2025.
Workplaces 2025: Leasing Trends and City-wise GCC Performance
In 2025, India recorded approximately 80.5 million sq. ft. of gross office leasing across the top seven cities, of which over 32.5 million sq. ft. was leased by GCCs alone.
Bengaluru retained its leadership position with over 875 GCC centres, accounting for 29% of India’s total GCCs and capturing more than one-third of the country’s total GCC leasing in 2025.
Pune followed with a 15% share, while Delhi-NCR and Hyderabad accounted for 14% each, reflecting growing traction but still trailing Bengaluru’s dominance.
India’s Grade A office stock across the top seven cities reached approximately 800 million sq. ft., led by Bengaluru and NCR, which together account for nearly 50% of the total supply.
Net absorption in 2025 exceeded 58 million sq. ft., while gross leasing crossed 80 million sq. ft., making it another record-breaking year for the sector.
Also Read: The Standard India Launches New GCC in Bengaluru and Pune; Mohua Sengupta to Lead Operations
Workplaces 2025: Office Real Estate: From Cost Centre to Strategic Asset
Raj Menda, Chairman – FICCI Committee on Urban Development and Real Estate & Chairman of Supervisory Board, RMZ Corp, notes a structural shift in how office real estate is perceived.
“For three decades, India’s office real estate market was largely viewed as a cost line to be managed. Today, it is a strategic lever. It shapes where global capital is deployed, where high-value jobs are created, and where India’s young workforce chooses to live. In that sense, Grade A buildings are no longer just piles of concrete and glass – they are operating systems for productivity, culture, technology, and climate resilience.”
Indian vs Global REITs: Institutional Headroom Remains
The report also outlines India’s evolving REIT ecosystem. Currently, REITs account for only 20% of institutional real estate in the country. Of the 520 million sq. ft. of REITable office stock, only about 165 million sq. ft. is listed, indicating substantial headroom for further institutionalisation.
Since the listing of India’s first REIT in 2019, the market has reached a capitalization of nearly USD 18 billion, driven by just five listed REITs. While this lags mature markets such as the US, Singapore, and Japan, diversification into data centres, logistics parks, and retail malls is expected to drive future growth.
The report notes that while residential REITs may take longer to materialise due to regulatory and market complexities, REIT penetration in India could rise to 25–30% by 2030, positioning the country among the world’s fastest-growing REIT ecosystems.
Key Highlights from Workplaces 2025 Report
- FDI inflows rose to a provisional USD 81.04 billion in FY 2024–25, a 14% increase from the previous year
- New office completions in 2025 surpassed 51 million sq. ft., marking an 8% year-on-year rise
- Southern India continued to dominate the office supply pipeline, contributing around 51% of total new additions
- Office demand diversified beyond IT/ITeS, with coworking (23%), BFSI (18%), consultancy, and manufacturing gaining share
- Supportive government policies and proactive state-level GCC frameworks reinforce India’s readiness to sustain long-term growth
