and manufacturing growth. Archives - Square Feat India https://squarefeatindia.com/tag/and-manufacturing-growth/ Real Estate News Website Wed, 21 May 2025 10:35:53 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://squarefeatindia.com/wp-content/uploads/2019/12/squrefeatindia_favicon.png and manufacturing growth. Archives - Square Feat India https://squarefeatindia.com/tag/and-manufacturing-growth/ 32 32 Southern Cities Lead GCC Office Leasing with 64% Share in Q1 2025 https://squarefeatindia.com/southern-cities-lead-gcc-office-leasing-with-64-share-in-q1-2025/ Wed, 21 May 2025 10:35:53 +0000 https://squarefeatindia.com/?p=9211 India’s Global Capability Centres (GCCs) leased 8.35 Mn sq. ft. of office space in Q1 2025, with Bengaluru, Chennai, and Hyderabad capturing a 64% share, according to ANAROCK. The sector saw a 72% YoY jump, driven by IT, BFSI, and manufacturing growth.

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]]> India’s commercial real estate sector continues to thrive with Global Capability Centres (GCCs) emerging as dominant drivers of office leasing demand, especially in the southern cities of Bengaluru, Chennai, and Hyderabad. According to the latest data from real estate consultancy ANAROCK, these three cities accounted for a massive 64% share of all gross office space leased by GCCs in Q1 2025.

GCC Office Leasing Snapshot: Q1 2025

  • Total gross leasing by GCCs: 8.35 Mn sq. ft.
  • Total gross office leasing (all occupiers): 19.47 Mn sq. ft.
  • GCCs’ share of total leasing: 43%
  • YoY growth in GCC leasing: 72% (from 4.87 Mn sq. ft. in Q1 2024)

City-wise Gross Leasing by GCCs (Q1 Comparison)

CityQ1 2024 (Mn sq. ft.)Q1 2025 (Mn sq. ft.)
Bengaluru2.823.30
Hyderabad1.220.82
Delhi-NCR0.491.91
Mumbai0.240.60
Pune0.100.45
Chennai0.001.22
Kolkata0.000.05
Total4.878.35

Bengaluru leads the list with a 40% share (3.3 Mn sq. ft.), followed by Delhi-NCR with 23% (1.91 Mn sq. ft.), and Chennai with 15% (1.22 Mn sq. ft.).

Sector-wise GCC Office Leasing (Q1 2025)

SectorShare (%)
IT/ITeS35%
BFSI22%
Manufacturing & Industrial13%
E-commerce6%
Consulting5%
Others19%

While IT/ITeS continues to dominate the space, there is a visible rise in demand from BFSI and manufacturing & industrial sectors. This reflects diversification in the operational focus of new and expanding GCCs in India.

Historical Office Leasing by GCCs (Top 7 Cities)

YearGCC Office Leasing (Mn sq. ft.)Share of Total Office Leasing (%)
202324.65–
202428.2337%
Total (2023-24)52.88–

GCC Growth Outlook: 2024 to 2030

YearEstimated GCCsMarket Size (USD Bn)Employment (Mn professionals)
End-20241,700+521.70 – 1.80
End-20251,900+60 – 701.90
By 20302,200 – 2,300100 – 1102.4 – 2.8

Global Origins of Indian GCCs (2024 Data)

RegionShare of GCCs (%)
United States65%
Europe & Middle East28%
Asia-Pacific (APAC)7%

Key Trends Driving GCC Expansion in India

  • Policy support: Union Budget incentives and state-level infrastructure schemes
  • Skilled talent availability beyond metros
  • Cost competitiveness in Tier 2 & 3 cities
  • Diversification beyond IT/BFSI into manufacturing, e-commerce, and consulting
  • Growing demand for mid-sized GCCs (1,000–2,000 employees)

As the global business environment leans toward strategic offshoring and digital transformation, India’s office space market — particularly in Bengaluru, Hyderabad, Chennai, and Delhi-NCR — continues to witness robust traction from GCCs. The industry’s expansion into Tier 2 cities like Ahmedabad, Kochi, and Coimbatore signals a broader base for growth in the coming years.

Also Read: Why Commercial Real Estate Investors Are Betting On Office Spaces

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