Mumbai: India’s office market witnessed record-breaking growth in 2024, with leasing activity across the top seven cities reaching 77.2 million sq. ft, a 22.6% year-on-year (YoY) increase, according to a report by JLL. At the heart of this surge are Global Capability Centers (GCCs), which accounted for 27.7 million sq. ft of office leasing, reinforcing their role as the backbone of India’s commercial real estate sector.
Bengaluru remains the top choice for GCCs, absorbing 47% of total GCC leasing in 2024. However, Hyderabad is emerging as a strong contender, attracting significant investment. Chennai, Delhi NCR, and Pune have also seen rising demand, reflecting GCCs' growing preference for diversified talent pools and strategic locations.
While tech firms continue to dominate GCC space, new industries are making strides. The Engineering Research & Development (ER&D) and BFSI (Banking, Financial Services & Insurance) sectors have seen notable growth, with ER&D leasing more than doubling in the last three years. Healthcare and biotech are also expanding, aligning with India's push for a robust manufacturing and innovation ecosystem.
As of December 2024, India hosts over 1,950 GCC units, with projections suggesting this number will exceed 2,500 in the next 3-4 years. With 70% of Global 500 companies yet to establish a presence, India’s office market is poised for sustained expansion. Experts predict that GCCs could occupy over 300 million sq. ft in the coming years, further cementing India’s position as the "office to the world."
GCCs are not just leasing office space—they are driving economic growth, innovation, and India's emergence as a global business hub. Their expansion reflects India’s strategic advantage in talent availability and cost efficiency, setting the stage for continued momentum in the commercial real estate sector.
