India’s GCC count to cross 2,400 by 2030 as office leasing hits record highs
As of end-2024, India housed over 1,700 GCCs employing more than 1.9 million professionals.
Bengaluru continues to dominate India's GCC landscape, hosting more than 875 centres—representing 29 per cent of the national total. (Image: Freepik)
India’s Global Capability Centres (GCCs) are poised to exceed 2,400 by 2030, employing more than 2.8 million professionals. According to a new industry report, the commercial real estate sector is recording its strongest performance despite global economic headwinds.
The FICCI-ANAROCK report, “Workplaces 2025: India Commercial real estate Reimagined,” reveals that GCCs now account for over 40% of total gross office leasing across India’s top seven cities, serving as structural anchors for the property market.
By the end of 2024, India housed over 1,700 GCCs employing 1.9 million professionals. The sector’s market size grew from USD 30 billion in 2019 to approximately USD 64 billion in 2024. Projections suggest it will reach USD 105–110 billion by 2030, with a compound annual growth rate of 10%.
This expansion is driven by demand from IT-ITeS, banking, financial services, healthcare, life sciences, and engineering R&D, supported by India’s cost efficiency and talent pools.
Raj Menda, Chairman of the FICCI Committee on Urban Development and real estate and Chairman of the Supervisory Board at RMZ Corporation, stated that the sector is at a pivotal inflection point. He noted that record demand shows a shift toward high-quality, flexible, and technology-led assets, with GCCs accelerating the development of premium workplaces in both established and emerging cities.
Bengaluru dominates the landscape with over 875 centres, or 29% of the national total. The city captured over one-third of India’s GCC leasing in 2025, followed by Pune (15%), Delhi-NCR (14%), and Hyderabad (14%).
GCC operations are also moving into Tier 2 cities. Jaipur, Kochi, Indore, Surat, and Coimbatore are emerging as new destinations, diversifying India’s knowledge economy.
Office leasing across the top seven cities reached approximately 80.5 million square feet in 2025, with GCCs accounting for 32.5 million square feet. Grade A office stock in these markets reached nearly 800 million square feet, led by Bengaluru and the National Capital Region.
The report also highlights a transformation in the real estate Investment Trust (REIT) segment. Five listed REITs have a market capitalisation of nearly USD 18 billion, democratising property investment. However, REITs represent only 20% of institutional real estate, which is significantly lower than in the US, Singapore, and Japan.
Of the 520 million square feet of REIT-worthy office stock, only 165 million square feet is listed. The report projects REIT penetration could rise to 25–30% by 2030, driven by diversification into data centres, logistics parks, and retail assets.
Menda added that sustaining this momentum requires consistent policy support, long-term institutional capital, and collaboration between industry and government.
Foreign direct investment inflows rose to a provisional USD 81.04 billion in FY 2024-25, a 14% increase from the previous year. With proactive state-level frameworks and diversified demand across co-working, BFSI, and manufacturing, the outlook for India’s commercial real estate remains positive.
