Written by Manu Bhazin, Country Head of India

India’s office market is experiencing a structural transformation, powered by the rapid growth of Global Capability Centres (GCCs).

No longer just cost-saving back offices, GCCs are evolving into strategic innovation hubs for multinational firms, contributing significantly to leasing activity.

In 2024, GCCs leased 28 million sq. ft. of Grade A office space—accounting for over a third of the record 77.2 million sq. ft. leased nationwide, a 15% year-on-year jump.

Leading corridors like Bengaluru, Gurugram, and Hyderabad are witnessing sustained occupancy and rising developer confidence, underpinned by India’s deep digital talent pool and expanding infrastructure. 

Projections from ICRA estimate that GCCs will lease an additional 50–55 million sq. ft. of office space by FY2027, capturing nearly 40% of total demand across the top six cities.

EY forecasts suggest the number of GCCs will grow from 1,580 in 2023 to around 2,400 by 2030, potentially employing over 4.5 million professionals.

Despite rising demand, India maintains one of the world’s most cost-effective prime rental markets, with developers now focused on delivering ESG-aligned, flexible workspaces that meet global standards.

With this dual advantage of affordability and capability, India is fast becoming a global headquarters for innovation—not just operations.