India’s office real estate sector is undergoing a rapid transformation, led by the explosive growth of Global Capability Centers (GCCs). These hubs, set up by global enterprises to run critical business functions, are now driving a significant share of office space leasing across the country—redefining where, how, and what companies look for in modern workplaces.

According to a new report by ANSR, GCCs leased 53 million square feet of office space between 2022 and mid-2024, making up 36% of the total rental workspace in India. “GCCs currently occupy around 32% of India’s total office stock,” the report highlights, estimating the figure at roughly 160.8 million square feet. This trend shows no signs of slowing. By 2026, that footprint is projected to expand to 42% of all rented office space in the country.

The demand is especially concentrated in the southern metros. Bengaluru leads the pack with a 40% share of GCC leasing activity, followed by Hyderabad at 21% and Chennai at 14%. While Delhi/NCR, Mumbai, and Pune are seeing their own share of interest, the lion’s share continues to favor the tech-driven cities of South India. Specific micro-markets are heating up as well—locations like Bengaluru’s Hebbal and Whitefield, Hyderabad’s Gachibowli, and Chennai’s OMR Zone 1 are witnessing strong leasing momentum.

GCCs are primarily being driven by tech companies, which account for 47% of demand, followed by flexible space providers at 19% and the BFSI sector with 16%. Manufacturing also plays a supporting role with 9% of the market share. The rise of flexible workspace operators in the top three signals a broader shift toward agile, plug-and-play real estate strategies.

The sector is also aligning with a global push toward sustainability. The report reveals that over 75% of office leasing in 2022 occurred in pre-certified green buildings, indicating that environmental considerations are becoming central to site selection and development. As sustainability becomes a boardroom priority, developers are responding with eco-conscious building practices to meet the evolving expectations of global occupiers.

India’s managed office market is no longer just about square footage—it’s about strategic value, employee experience, and future-ready infrastructure. With GCCs poised to dominate the commercial landscape, flexible and sustainable office solutions are becoming the standard rather than the exception.