India’s commercial real estate market witnessed record-breaking leasing activity in 2024, with Global Capability Centres (GCCs) securing 36% of the total 77.2 million square feet leased, according to a recent JLL report.
These centers, which serve as integrated hubs for global enterprises, are designed to promote innovation, build intellectual property (IP), and drive operational efficiencies by leveraging India’s vast talent pool. In 2024, GCCs leased 28 million square feet, marking a historic peak with a 15.2% growth compared to the previous year.
With India housing over 1,950 GCC units by December 2024, experts predict that the number will surpass 2,500 within the next three to four years, reinforcing the country’s standing as a preferred destination for global corporations.
Bengaluru remains at the forefront of this expansion, playing a pivotal role in shaping the office real estate market. The city accounted for 47% of total GCC leasing in 2024, solidifying its position as India’s leading hub for global enterprises.
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Leasing activity across India’s top seven cities reached an all-time high of 77.2 million square feet in 2024, a 22.6% surge from the 63 million square feet recorded in 2023. Over the past eight years, GCCs have contributed to 40% of the total office leasing activity, underscoring their critical role in India’s corporate growth story.
While Bengaluru continues to lead in GCC leasing demand, Hyderabad has positioned itself as a strong challenger, attracting global firms eyeing strategic expansion opportunities. Chennai has witnessed the fastest GCC growth over the last three years, fueled by its expanding talent base and innovation-driven ecosystem.
Additionally, Delhi NCR and Pune have maintained steady momentum, further reflecting the widespread impact of GCCs across India’s business landscape.
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