Business EconomyPosted at: May 20 2025 2:57PM


Top southern cities dominate GCC office leasing with 64 percent overall share

Mumbai, May 20 (UNI) Global Capability Centres (GCCs) have been ramping up their presence on India’s commercial real estate landscape in the last few years, with government initiatives announced in the Union Budget further accelerating this trend, according to a study report of ANAROCK.
The top cities are witnessing escalating demand from both new GCC entrants and those expanding their existing operations.
The latest ANAROCK data shows the top southern cities – Bengaluru, Hyderabad, and Chennai - dominating GCC office space leasing in Q1 2025 with a 64 percent overall share.
Approximately 8.35 Mn sq. ft. gross office space has been leased by GCCs in Q1 2025 across the top 7 cities.
" GCCs in Bengaluru, Chennai, and Hyderabad collectively leased approximately 5.34 Mn sq. ft. of gross office space in Q1 2025, followed by Delhi-NCR, which saw 1.95 Mn sq. ft. of gross office space leased to GCCs. Of the gross office space leasing of 19.47 Mn sq. ft. recorded in the top 7 cities in Q1, GCCs accounted for about 8.35 Mn sq. ft. - a 43 pc overall share. In Q1 2024, they had leased about 4.87 Mn sq. ft. In short, there has been a 72 pc annual jump in their office space absorption." Commercial Leasing & Advisory, ANAROCK Group, Peush Jain, said.
The city-wise data indicated that Bengaluru led in gross leasing by GCCs in Q1 2025 with a 40 pc share, or approximately. 3.3 Mn sq. ft., followed by Delhi-NCR with a 23 pc share - or approx. 1.91 Mn sq. ft. and Chennai with 1.22 Mn sq. ft., or a 15 pc share.
" In retrospect, ANAROCK data of Indian office markets indicates that the top 7 cities saw gross leasing of over 141.43 Mn sq. ft. of office space in the last two years, 2023 and 2024. Of this, GCCs alone leased about 52.88 Mn sq. ft., accounting for a share of over 37 pc share.
Of the overall GCC leasing of 8.35 Mn sq. ft. of office space in the top 7 cities in Q1 2025, IT/ITeS held the lion’s share with 35 pc. BFSI came next with a 22 pc share, followed by manufacturing & industrial with 13 pc. E-commerce held a 6 pc share, and consultancy businesses had a share of 5 pc.

The remaining 19 pc were leased by miscellaneous sectors. Notably, though IT/ITeS continues to dominate overall GCC leasing, other sectors like BFSI and manufacturing & industrial are also gaining ground.
“Driven by India’s rising economic influence over the last two to three years, GCCs are deploying not just in the top 7 cities but also in various Tier 2 & 3 cities, including Ahmedabad, Kochi, and Coimbatore," says Peush Jain.
"This is due to a combination of factors, including a growing skilled workforce beyond the metros, cost competitiveness, supportive government policies, and concerted infrastructure development in Tier 2 and Tier 3 cities," the report said.
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