Pune has emerged as India’s second-largest market for Global Capability Centres (GCCs) in 2025, capping off what has been a landmark year for the city’s office real estate sector. The sharp rise in leasing activity signals Pune’s growing strategic importance in India’s expanding GCC landscape, driven by scale, sectoral depth and a steadily maturing occupier ecosystem.
According to the latest office market data released by Cushman & Wakefield, GCC gross leasing volume (GLV) in Pune touched 5.43 million square feet (MSF) in 2025. This marks a 100 percent jump from 2.71 MSF recorded in 2024. With this surge, Pune climbed two positions compared to last year, overtaking Hyderabad and Chennai to secure the second spot among India’s top eight office markets. Bengaluru retained its long-held position at the top.
The rise is significant not only in relative terms but also in absolute contribution. Across India, GCCs leased 29.3 MSF of office space in 2025, accounting for 33 percent of the country’s total office GLV. Within that national context, Pune stood out for the depth of its GCC activity. Of the city’s roughly 10 MSF total office leasing during the year, GCCs alone contributed about 55 percent. In simple terms, more than half of Pune’s office demand in 2025 came from global capability centres.
GCCs are offshore units set up by multinational companies to handle core business functions such as technology, finance, engineering, analytics and operations. Over the past decade, India has become a global hub for these centres. Pune’s performance this year suggests it is no longer just a supporting IT city but a major strategic base for global enterprises.
The sector mix in Pune also tells an important story. Engineering and Manufacturing emerged as the largest contributor to GCC leasing in the city, accounting for 41 percent of total GCC demand. This is followed by Banking, Financial Services and Insurance (BFSI) at 29 percent and IT-BPM at 18 percent.
Other sectors contributed smaller but meaningful shares. Healthcare and Pharmaceuticals accounted for 5 percent, Telecom and Media for 3 percent, Professional Services for 1 percent, and the remaining 4 percent came from other industries.
This diversified mix highlights Pune’s unique positioning. Unlike markets that rely heavily on IT alone, Pune combines a well-established IT-ITES ecosystem with a strong industrial and engineering base. The presence of large manufacturing clusters in and around the city supports engineering-led mandates, while its technology talent pool attracts financial and digital operations.
Deal sizes further reflect this maturity. The average transaction size for GCC leases in Pune stood at approximately 78,784 square feet. These are not small, experimental offices. They represent large-scale, long-term commitments by global firms expanding or consolidating their India operations.
Industry experts say several structural factors are working in Pune’s favour. The city offers modern Grade A office infrastructure, relatively competitive rental costs compared to Bengaluru and Mumbai, and access to a deep talent pool from leading engineering and management institutions.
Connectivity is another key driver. Proximity to Mumbai continues to provide access to financial markets and global headquarters. The upcoming Navi Mumbai International Airport is expected to significantly enhance international connectivity, making travel easier for global teams and executives.
Importantly, 2025 also saw a significant expansion in Grade A office supply in Pune. This ensured that large occupiers could find quality space at scale, which is critical for GCCs that often require contiguous, high-specification offices.
Commenting on the trend, Moinuddin Patel, Managing Director – Pune at Cushman & Wakefield, said the city’s rise reflects its growing strategic importance within India’s office landscape. He noted that Pune’s combination of infrastructure, talent, cost advantages and improving connectivity positions it strongly for the next phase of GCC growth.
With global firms continuing to deepen their India footprint, Pune’s performance in 2025 suggests that the city is no longer an alternative market. It is now firmly among the country’s primary GCC destinations.
