The report reveals that by the end of 2024, India already had more than 1,700 GCCs employing over 1.9 million professionals, with the GCC market size surging from USD 30 billion in 2019 to approximately USD 64 billion in 2024. By 2030, the market is expected to nearly double to USD 105–110 billion, growing at a CAGR of 10%.

Anuj Puri, Chairman – ANAROCK Group, said: “India’s GCC landscape has expanded rapidly, fuelled by demand from IT/ITeS, BFSI, Healthcare & Life Sciences, and Engineering R&D. The sector’s ability to attract and retain global talent, combined with India’s cost efficiency and skilled workforce, continues to drive demand for premium office spaces. The footprint is now rapidly expanding beyond the top 7 cities into Tier-2 hubs like Jaipur, Indore, Surat, Kochi, and Coimbatore — these cities are emerging as the next big GCC growth frontiers.”

GCCs Power Record Office Leasing in 2025

The report highlights the outsized role GCCs played in India’s office market resilience amid global headwinds:

• In 2025, total gross office leasing across the top 7 cities reached an all-time high of 80.5 million sq. ft. — with GCCs alone accounting for over 32.5 million sq. ft. (more than 40% of total leasing).
• Bengaluru remains the undisputed leader, hosting over 875 GCC centres (29% of India’s total) and capturing more than one-third of the country’s GCC leasing in 2025.
• Pune followed with 15% share, while Delhi-NCR and Hyderabad each contributed 14%.

Grade A Office Stock & Supply Dynamics

• Grade A office stock across the top 7 cities now stands at approximately 800 million sq. ft., with Bengaluru and NCR together accounting for nearly 50% of the total supply.
• New office completions in 2025 exceeded 51 million sq. ft. — an 8% increase over 2024.
• Southern markets (led by Bengaluru, Hyderabad, Chennai) dominated the supply pipeline, contributing around 51% of new additions.
• Net absorption in 2025 crossed 58 million sq. ft., underscoring sustained occupier demand.

Raj Menda, Chairman – FICCI Committee on Urban Development and Real Estate & Chairman of Supervisory Board, RMZ Corp, remarked: “For three decades, India’s office real estate was seen as a cost line to be managed. Today, it is a strategic lever — shaping where global capital flows, where high-value jobs are created, and where India’s young workforce chooses to live. Grade A buildings are no longer just concrete and glass; they are operating systems for productivity, culture, technology, and climate resilience.”

Indian REITs: Still Early Days, Massive Headroom

Despite rapid progress since the first REIT listing in 2019, India’s REIT market remains under-penetrated:

• Five listed REITs have achieved a market capitalization of nearly USD 18 billion.
• REITs currently represent only ~20% of total institutional real estate.
• Out of 520 million sq. ft. of REITable office stock, only about 165 million sq. ft. is listed — leaving significant headroom for institutionalisation.
• Future growth will come from diversification into data centres, logistics parks, and retail malls.
• Residential REITs may take longer due to regulatory and market complexities, but progress is expected over time.
• With policy support and rising institutional participation, REIT penetration could rise to 25–30% by 2030, positioning India among the world’s fastest-growing REIT ecosystems.

Broader Economic & Policy Tailwinds

• FDI inflows rose to a provisional USD 81.04 billion in FY 2024–25 — a 14% increase from USD 71.28 billion in FY 2023–24.
• Demand is diversifying: coworking (23%), BFSI (18%), consultancy, and manufacturing are gaining share alongside IT/ITeS.
• Proactive state-level GCC policies and central government support continue to strengthen India’s position as a preferred global delivery hub.

The Big Picture

India’s office market in 2025 proved remarkably resilient — posting record leasing, strong supply addition, and deepening institutionalisation through REITs. GCCs are no longer just cost centres; they are high-value job engines, talent magnets, and anchors of premium office demand — increasingly spreading to Tier-2 cities and reshaping urban India.

With 2,400+ GCCs and 2.8 million jobs projected by 2030, India is firmly decoding the future of global work and commercial real estate.

Also Read: India to Lead APAC Office Market Growth in 2026 Driven by Strong GCC Demand

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