Leasing of office space for Global Capability Centres (GCCs) jumped 24% in FY2024–25 to 31.8 million sq ft across India’s top seven cities, according to Vestian. Fortune 500 firms accounted for 13.5 million sq ft. Bengaluru led with 12.43 million sq ft, followed by substantial gains in Mumbai and other metros.
GCCs Fuel India’s Office Market, Absorbing 31.8 Million Sq Ft in FY25
India’s commercial real estate market is seeing a significant boost from the Global Capability Centre (GCC) wave, with total office leasing by GCCs rising 24% year-on-year to 31.8 million square feet across the top seven cities in FY2024–25, up from 25.6 million sq ft in FY23, according to a new report by Vestian.
Of this, Fortune 500 companies accounted for 13.5 million square feet, reflecting a 25% annual increase. These numbers underscore India’s growing strategic relevance in global enterprise operations.
Bengaluru, Mumbai See the Strongest Growth
Bengaluru remained the undisputed leader, with GCC leasing reaching 12.43 million sq ft, a sharp rise from 8.34 million sq ft in FY23. Mumbai saw a nearly threefold increase, with 3.68 million square feet leased in FY25, up from 1.36 million square feet in the previous year.
This surge in GCC leasing underscores the growing demand for India-based talent and the country’s supportive ecosystem for large-scale back-office, R&D, and digital transformation functions.
GCCs Account for 42% of Office Absorption
GCCs constituted 42% of total office space absorption in India during FY25, up from 41% in the previous year. Vestian CEO Shrinivas Rao noted that GCCs have consistently been the most significant demand driver in the country’s office space market over the past two years.
“This share is expected to rise further as global and domestic conglomerates from sectors like IT-ITeS, BFSI, healthcare, engineering, and consulting continue to scale their India operations,” Rao said.
Why India? A Global Hub in the Making
India continues to draw global companies thanks to:
- A large, skilled and cost-effective talent pool
- Rapid infrastructure development in commercial hubs
- Business-friendly policies and ease of doing business
- Operational scalability for enterprise needs
These advantages are prompting companies to establish or expand their GCCs across metropolitan areas and emerging tier-2 cities.
Real Estate Players, REITs, and the Next Wave
Major players in India’s office space ecosystem—including DLF, Embassy Group, Prestige Group, RMZ, Tata Realty, and Sattva Group—are actively building and leasing premium assets catering to GCCs.
REITs, too, are expanding their footprint. Mindspace REIT, Brookfield India REIT, and Embassy Office Parks REIT continue to attract high-quality tenants. Additionally, Sattva Group and Blackstone are working on India’s fifth REIT, with a draft red herring prospectus already filed with SEBI.
Outlook: GCCs to Remain Core Growth Drivers
With sustained demand from Fortune 500 companies and global tech majors, GCCs are expected to remain at the heart of India’s commercial real estate story. New leases, portfolio expansions, and strategic investments point to a robust pipeline for FY26 and beyond.
As India’s position strengthens as a global operations hub, the GCC leasing momentum is likely to further reshape the country’s top office markets, especially in Bengaluru, Hyderabad, Mumbai, Pune, and Chennai.
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