The presence of Global Capability Centers (GCCs) of multinational companies in India's office space market has grown significantly. These centres are increasingly being established in key cities nationwide, with the top 7 Indian cities currently dominating leasing activities. However, recent government initiatives, particularly the Union Budget 2025-26, are expected to further expand the reach of these companies to Tier 2 and Tier 3 cities, fuelling additional demand for office space in regions outside the traditional corporate hubs.
According to ANAROCK Research, the top 7 cities in India have witnessed a staggering 141.43 mn sq. ft. of gross office space leased over the last two years (2023 and 2024), with GCCs accounting for a significant 37 per cent of this total, leasing around 52.88 mn sq. ft. Bengaluru emerged as the leading city for office leasing during this period, with approximately 24 mn sq. ft. of office space leased in 2023-2024 alone. This accounts for nearly half (46 per cent) of the overall leasing activity across the top 7 cities.
Hyderabad was at a distant second with over 10.06 mn sq. ft. of gross office space leased by the GCCs in the said period, comprising nearly 19 per cent total share among the top 7 cities.
GCCs leased approx. 52.88 mn. sq. ft. of gross office space across the top 7 cities in the last two years – 2023 and 2024. Nearly 24.5 mn sq. ft. of this total was leased in 2023, while approx. 28.38 mn sq. ft. was leased in 2024, with a 16 per cent yearly jump.
In Bengaluru, GCCs leased about a total of 24.18 mn sq. ft. of gross office space in the last two years. Of this, 11.5 mn sq. ft. was leased in 2023, while 12.68 mn sq. ft. was leased in 2024, thereby seeing a 10 per cent annual rise.
In Hyderabad, GCCs leased approx. 10.06 mn sq. ft. gross office space in last two years – nearly 5.2 mn sq. ft. in 2023 and 4.86 mn sq. ft. in 2024, thereby declining by 6 per cent yearly.
In Chennai, GCCs leased a total of 5.29 mn sq. ft. of gross office space in the last two years. Of this, approx. 2 mn sq. ft. was leased in 2023, while nearly 3.29 mn sq. ft. was leased in 2024, thereby seeing a 64 per cent annual rise.
Likewise, GCCs leased about a total of 5.28 mn sq. ft. of gross office space in Pune in two years. Of this, approx. 2.1 mn sq. ft. was leased in 2023, while nearly 3.18 mn sq. ft. was leased in 2024, a 52 per cent annual rise.
In NCR, GCCs leased approx. 5.09 mn sq. ft. gross office space in last two years – nearly 2.5 mn sq. ft. in 2023 and 2.59 mn sq. ft. in 2024, thereby increasing by 4 per cent yearly.
In Mumbai, GCCs leased a total of 2.82 mn sq. ft. of gross office space in the last two years. Of this, approx. 1.2 mn sq. ft. was leased in 2023, while nearly 1.62 mn sq. ft. was leased in 2024, thereby seeing a 35 per cent annual rise. Kolkata saw merely 0.15 mn sq. ft. space leased in 2024. There was no leasing by the GCCs in 2023.
