Mumbai: Global Capability Centres (GCCs) continued to strengthen their footprint in India’s commercial real estate sector, accounting for 43% of total gross GCC office leasing across the top 7 Indian cities in Q1 2025, according to a recent report by real estate consultancy ANAROCK.
The report highlights that of the 19.47 million sq. ft. of gross office leasing recorded in the quarter, GCCs leased approximately 8.35 million sq. ft., marking a massive 72% year-on-year growth from 4.87 million sq. ft. in Q1 2024.
Southern Cities at the Forefront of GCC Office Leasing
The southern metros—Bengaluru, Chennai, and Hyderabad—secured a dominant 64% share, collectively leasing around 5.34 million sq. ft. Bengaluru led with 3.3 million sq. ft. (40%), followed by Chennai (1.22 million sq. ft.) and Hyderabad (0.82 million sq. ft.). Delhi-NCR emerged as the second most preferred market with 1.91 million sq. ft. leased, a dramatic rise from 0.49 million sq. ft. in Q1 2024.
“India’s growing economic stature and a skilled workforce are making it a global hub for GCCs,” said Peush Jain, MD – Commercial Leasing & Advisory, ANAROCK Group. “The jump in GCC office leasing reflects the aggressive expansion and entry of new GCCs across India, especially in top-performing cities like Bengaluru and Delhi-NCR.”
Sector-Wise Breakdown
In terms of sectoral contribution, the IT/ITeS sector led GCC office leasing with a 35% share, followed by Banking, Financial Services & Insurance (BFSI) at 22%, and Manufacturing & Industrial sectors at 13%. E-commerce and consulting held 6% and 5% shares respectively, while the rest (19%) came from various emerging industries.
Expanding GCC Presence Across India
ANAROCK’s data also revealed that over 1,700 GCCs operated across the top 7 cities by end-2024, employing 1.70–1.80 million professionals and commanding a market value of USD 52 billion. Projections indicate that this number will reach over 1,900 by end-2025, with a market valuation of USD 60–70 billion.
Looking ahead to 2030, India could house 2,200–2,300 GCCs, employing up to 2.8 million professionals, and commanding a market size of USD 100–110 billion.
Interestingly, 65% of the GCCs in India are headquartered in the US, followed by 28% from Europe and the Middle East, and 7% from the APAC region, underlining the country’s growing importance as a global delivery hub.
GCC Office Leasing: Rise of Tier 2 and Tier 3 Cities
While Tier 1 cities remain dominant, Tier 2 and 3 cities such as Ahmedabad, Kochi, and Coimbatore are emerging as viable alternatives, thanks to government incentives, infrastructure development, and a widening talent pool.
“Mid-sized GCCs with 1,000–2,000 employees are expected to drive the next wave of demand,” added Jain.
