GCCs Propel Record Office Leasing In India; Lead With 36% Share In 2024

Global Capability Centres (GCCs) led office leasing in India, making up 36 percent of the total 77.2 million square feet leased in 2024, as per a report published on Wednesday.

GCCs, fully owned and integrated hubs, are typically set up in talent-rich regions to develop intellectual property (IP) and drive innovation through distributed, collaborative teams.

In 2024, these centers leased a record 28 million square feet, reflecting a 15.2% increase from the previous year and further cementing their leadership in India’s commercial real estate sector.

By December 2024, India had over 1,950 GCC units, with estimates suggesting the count will surpass 2,500 in three to four years.

Bengaluru remains the focal point of this expansion, playing a pivotal role in shaping the country’s office market, according to the JLL report.

Overall, leasing activity in the top seven cities surged to an unprecedented 77.2 million square feet in 2024, registering a 22.6% year-on-year rise from 63 million square feet in 2023.

GCCs Driving Growth In Leasing

GCCs have been a key driver of this growth, making up 40 percent of all office leasing activity from 2016 to 2024, highlighting their role in India’s changing corporate landscape.

Dr. Samantak Das, Chief Economist and Head of Research and REIS, India, JLL stated, “This trend reinforces India’s position as the ‘office to the world’ and highlights a strong trajectory for sustained economic expansion and innovation in the coming years.”

Bengaluru remains India’s top GCC hub, drawing more investments and expanding its workforce by capitalizing on its strong ecosystem.

The city accounted for 47% of total GCC leasing demand in 2024, reaffirming its position as the sector’s frontrunner.

Hyderabad is also becoming a key player, positioning itself as a prime location for global companies’ expansion.

At the same time, Chennai has seen the fastest growth in GCC activity over the last three years, fueled by its growing talent pool and innovation-driven ecosystem.

The report asserted, “Momentum remained strong in Delhi NCR and Pune as well. The expansion of GCCs across key cities underscores their deep understanding of India’s tech landscape and their strategic approach to talent acquisition.”

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