US companies are leasing record office space in India, led by the growth of the Global Capability Centre (GCC). Bengaluru, Hyderabad, and Delhi-NCR are top choices, with firms viewing India as a key innovation and operations hub. Leasing volumes rose 16%, highlighting India’s strategic role in global corporate expansion plans.
India Emerges as a Global Office Powerhouse
India is rapidly becoming the go-to destination for US firms setting up office spaces, with 2024 marking a historic peak in leasing activity. The surge is led by the rise of Global Capability Centres (GCCs), which continue to anchor long-term investments by American companies in the country.
“US-origin GCCs have consistently contributed over two-thirds of all leasing activity by American firms,” said Dr Samantak Das, Chief Economist and Head of Research and REIS, India, JLL. “This shows that global firms now see India not just for outsourcing, but as a strategic hub for innovation and operations.”
Bengaluru Leads, But Others Are Catching Up
From 2022 to Q1 2025, Bengaluru claimed the lion’s share of US occupier leasing—35%, making it the top choice for American firms. Hyderabad and Delhi-NCR followed closely as second and third, while Chennai and Pune also attracted strong interest due to their sectoral diversity and skilled talent pools.
The data also reveals that US firms held a 34.2% market share in India’s office leasing activity during this period. While their share has marginally declined post-pandemic, the leased space has grown by nearly 16%. This points to larger, more long-term commitments by these occupiers.
Sectoral Spread Fuels Strategic Location Choices
Different Indian cities are drawing US companies based on their sector strengths. Bengaluru, once dominated by IT, has evolved into a multi-sectoral powerhouse. Hyderabad is quickly becoming a go-to hub for BFSI, healthcare, and pharmaceutical GCCs. Chennai offers a balanced mix of industries, including BFSI, tech, and e-commerce, while Mumbai maintains its edge as India’s financial capital, favoured by banking and financial services players.
India’s Growing Importance in Global Strategies
With this sharp uptick in office space leasing, US corporations are reinforcing India’s position in their global roadmaps. The momentum signals a shift in how companies view India—from a back-office support base to a core centre for operations and innovation.
As GCCs continue to expand and diversify across Indian metros, the country is poised to remain at the forefront of global corporate strategy in the flexible and commercial office space sector.
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