Global companies led India’s office leasing activity in 2025, accounting for nearly 60% of total demand across major cities, according to JLL. Strong GCC expansion, a deep talent pool, and competitive rental rates drove leasing to a record 83.3 million sq ft, with Bengaluru emerging as the top destination.
Global companies emerged as the primary growth engine of India’s office real estate market in 2025, leasing close to 60 per cent of total office space across the country’s seven major cities, according to a report by JLL India. Overall gross leasing activity rose 8 per cent year-on-year to a record 83.3 million square feet, up from 77.2 million square feet in 2024, underscoring sustained occupier confidence despite global economic uncertainties.
The seven key markets covered in the report include Mumbai, Bengaluru, Delhi-NCR, Pune, Hyderabad, Chennai, and Kolkata. Of the total space leased during the year, global firms accounted for 48.6 million square feet, translating into a 58 per cent share of overall demand. Domestic companies, meanwhile, absorbed 34.7 million square feet, contributing the remaining 42 per cent.
GCC Expansion Remains the Core Driver
A significant portion of global leasing activity was driven by Global Capability Centres (GCCs), which continued to scale operations in India. According to JLL, international firms leased nearly 31.4 million square feet specifically for GCC setups in 2025. Industry experts attribute this momentum to India’s large pool of skilled, English-speaking talent and the availability of premium Grade A office spaces at relatively competitive rental levels compared to other global markets.
“GCCs established themselves as the dominant force in India’s office leasing market in 2025,” said Rahul Arora, Head – Office Leasing & Retail Services and Senior Managing Director (Karnataka, Kerala), India, JLL. Market participants note that beyond cost advantages, global occupiers are increasingly drawn to India’s mature office ecosystems and long-term scalability.
Bengaluru Leads, Flex Operators Gain Ground
Bengaluru remained the most preferred destination for foreign companies expanding their India footprint, supported by its strong technology ecosystem and deep talent pool. Other cities, such as Hyderabad, Pune, and Mumbai, also saw strong demand, particularly from multinational firms and financial services companies seeking high-quality office environments.
The year also saw coworking and managed workspace operators remain active in the leasing market, reflecting rising demand for flexible office solutions. As enterprises adopt hybrid work models and seek operational agility, flex space providers are playing a larger role in catering to both global and domestic occupiers.
Commenting on the evolving needs of GCCs, Shesh Rao Paplikar, Founder and CEO of BHIVE Workspace, said, “GCCs today are not just looking for desks, but future-ready workplace ecosystems that align with global sustainability mandates, talent expectations, and operational agility.”
India’s Office Market Outlook Remains Strong
Industry leaders believe the strong leasing momentum reflects broader economic resilience. Aashit Verma, Founder of Hanto Workspace, highlighted that India’s growing office demand, particularly in the flexible workspace segment, signals long-term confidence. “This surge in demand is fundamentally driven by a deep talent pool, the availability of high-quality Grade A spaces, and a strategic cost advantage,” Verma said.
With global firms continuing to expand GCC operations and flexible workspaces gaining wider acceptance, India’s office market is expected to remain on a strong growth trajectory. Analysts suggest that sustained demand from international occupiers will keep prime office assets in focus, reinforcing India’s position as a key global office destination.
