Bengaluru Leads Office Space Leasing Amid India’s Multi-City GCC Boom

India's office market is booming, with a whopping 230 million square feet leased since 2022, driven by growing interest from Global Capability Centres (GCCs). Of this leasing volume, GCCs alone command a 35.4% share, a report by global commercial real estate advisory firm JLL highlighted.

According to the report, released on July 17, leasing activity since 2022 stood at 230 million sq. ft., with each successive year registering higher figures.  

“These numbers are higher than the cumulative figures for the previous two five-year periods. This is not mere expansion, it's explosive growth evidenced by unprecedented 28 million sq. ft. leased in 2024 alone, followed by record-breaking H1 2025 figures,” the report added, outlining the growth trajectory.

GCCs are a strategically located, wholly-owned unit of a multinational corporation (MNC) that provides specialised services and capabilities.

“The data reveals a transformative shift in India's GCC landscape, with Banking, Financial Services and Insurance (BFSI) and manufacturing segments commanding 51.5% of leasing activity since 2024,” the JLL report noted.

Bengaluru has emerged as the “runaway leader” by accounting for nearly 40% share of total GCC leasing activity since 2022. Specialised hubs like Chennai, Pune, Hyderabad, Mumbai, and Delhi are also a key part of this growth. 

“With Chennai and Pune emerging as specialised hubs for engineering and financial services alongside Bengaluru…projections show GCC employment surging from 1.9 million to nearly 3 million by 2030,” the report noted.

“We are witnessing not just market momentum but a fundamental reconfiguration of India's position in the global value chain,” Dr Samantak Das, Chief Economist and Head of Research and REIS, India, JLL, said on the report's findings.

Chennai is emerging as a prominent hub for Tech GCCs, while Pune is rapidly developing as a major cluster for BFSI and fintech GCCs. The report also noted that Hyderabad has become a strong destination for pharma and healthcare GCCs and Delhi NCR has a strong presence in the technology and consulting sectors.

Overall, tech leads India's GCC leasing with a 26.7% market share, but the landscape is diversifying rapidly. Beyond Bengaluru, an emergence of regional clusters is also taking shape.

“Delhi NCR's multi-segment approach across Tech, BFSI and Consulting; Chennai and Pune's manufacturing-focused ecosystems capturing 15.0% and 11.5% market share respectively; and Mumbai's established leadership in financial services,” the report mentioned.