Delhi-NCR has emerged as a prime destination for multinational corporations (MNCs) setting up Global Capability Centres (GCCs). According to real estate consultant Anarock, GCCs in the region leased 5.09 million square feet (50.9 lakh sq ft) of office space in the past two years. Nearly 2.5 million sq ft was leased in 2023 and an additional 2.59 million sq ft in 2024, showing a consistent 4% annual increase.

Over the last two years, seven major cities in India, including Delhi-NCR, Mumbai, Bengaluru, Pune, Hyderabad, Chennai, and Kolkata, saw a total office space leasing of 141.43 million square feet. GCCs accounted for 52.88 million square feet, representing over 37% of the total leasing activity.

Anarock’s MD of Commercial Leasing and Advisory, Peush Jain, noted that India’s rising economic stature over the past two to three years has significantly boosted GCC interest. “This growth has attracted GCCs to key markets like Bengaluru, Mumbai, Hyderabad, Pune, and Chennai,” Jain said. The shift in focus from traditional sectors such as IT/ITeS and BFSI to industries like engineering and manufacturing is another key factor driving this trend.

India’s improved infrastructure and strategic policies, such as the ‘Make in India’ initiative, are contributing to the country’s global appeal for these centres. The availability of high-quality office spaces and enhanced connectivity via airports, railways, and other transport infrastructure have also made locations like Noida and Gurugram attractive to MNCs.

Vijay Harsh Jha, CEO of VS Realtors, emphasized Noida’s growing significance, stating that “The traction generated by the Noida International Airport, along with competitive rental rates, excellent office spaces, and developing connectivity in NCR, is making Delhi-NCR a preferred destination for GCCs.”

As the demand for office space in Delhi-NCR continues to grow, these trends highlight a shift in how MNCs are positioning themselves within India’s evolving economic landscape. With over 50 lakh square feet leased in just two years, Delhi-NCR is likely to see further growth as more companies seek to tap into the country’s expanding market and skilled workforce. The office leasing sector in India is poised for further expansion, driven by the country’s increasing role as a global economic hub.