US companies have leased 64.5 million sq ft of office space in India’s top cities from 2022 to 2024, primarily to establish Global Capability Centres (GCCs), according to JLL India. This accounts for over one-third of total office leasing, with Bengaluru leading demand driven by tech and BFSI firms.
Massive Demand from US Companies
India’s commercial real estate market has seen a significant boost from American companies, which leased 64.5 million square feet of office space between 2022 and 2024. According to data released by real estate consultancy JLL India, this figure represents over one-third of the 190 million sq ft of office leasing across India’s top seven cities.
The seven key office markets include Delhi-NCR, Mumbai, Bengaluru, Hyderabad, Chennai, Pune, and Kolkata. Most of this activity is driven by the setup of Global Capability Centres (GCCs), a strategic move by multinational corporations to expand research, development, and operations capabilities outside their home markets.
India’s Rising Strategic Importance
“India’s combination of skilled talent at scale, supportive ecosystem, cost advantages, and growth-oriented policy environment continues to make it an increasingly attractive destination for US corporations,” said Rahul Arora, Head – Office Leasing & Retail Services and Senior Managing Director (Karnataka, Kerala), JLL India.
GCC-led demand accounted for nearly 70% of the space leased by US companies. This shows that firms are offshoring routine tasks and making long-term strategic investments in India for high-value functions such as R&D, innovation, and digital transformation.
Bengaluru Tops the Charts
Among all cities, Bengaluru remains the most preferred destination for American occupiers, particularly those in technology and BFSI (Banking, Financial Services, and Insurance) sectors. Its status as India’s tech capital, along with strong infrastructure and talent availability, makes it a magnet for global firms looking to scale their operations efficiently.
This trend signals a deepening relationship between India and the global tech economy, with India emerging as a hub for enterprise innovation and digital infrastructure.
Sustained Confidence in Indian Markets
Industry analysts view this sustained demand as a sign of US firms’ confidence in India’s economic stability and skilled workforce. “GCC-led requirements constitute 70 per cent of all space demand from US occupiers, signalling continued long-term investment and confidence in India as a key R&D and innovation hub,” Arora added.
The move also aligns with global corporations’ broader strategy to de-risk operations, diversify talent pools, and tap into new markets through regional centres.
The Road Ahead
As India continues strengthening its digital economy and workforce development, experts predict that GCC expansion will remain a dominant theme in India’s commercial real estate narrative. US corporations will likely play a pivotal role in shaping the country’s future office demand, especially in Grade-A office assets.
The surge in leasing also offers positive signals to developers and landlords, indicating robust future demand for premium office spaces across Tier 1 cities.
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