The number of Global Capability Centres (GCCs) in India is expected to exceed 2,500 within the next three to four years, up from the current 1,950, according to a report by JLL, a global commercial real estate and investment management firm.
As of December 2024, GCCs accounted for over one-third of the occupied office space in India’s top seven markets. However, the sector still has significant room for growth, with 70% of Global 500 companies (excluding those headquartered in India) yet to establish operations in the country, the report noted.
The surge in GCCs aligns with a record-breaking 77.2 million sq ft of office leasing activity in 2024, marking a 22.6% year-on-year increase from 2023’s historic high of 63 million sq ft.
From 2016 to 2024, these centres contributed 40% of the total office leasing activity, with 2024 alone seeing GCCs lease 28 million sq. ft—an all-time high and a 15.2% rise from the previous year.
Bengaluru continues to dominate as India’s primary GCC hub, capturing 47% of total GCC leasing demand in 2024. Hyderabad has emerged as a strong competitor, while Chennai has recorded the fastest growth in the past three years. Delhi NCR and Pune also maintained steady momentum.
Other Reports Show Similar Numbers
This is similar to ANSR’s Q3 GCC report, one of India’s leading GCC enablers, which highlights India’s ascension as a global hub for GCCs. Over 450 Forbes Global 2000 companies operate 825+ GCCs across the country, employing more than 1.3 million professionals.
The report predicts that by 2030, India could host 620+ additional GCCs, representing over 32% of Forbes Global 2000 enterprises.
India’s office market shattered records in 2024, with GCCs playing a pivotal role in achieving historic leasing levels. According to a report by CBRE, the year saw a gross absorption of 79.0 million sq ft, a 16% YoY growth.
GCCs accounted for 37% of the total office leasing activity in 2024, solidifying their importance in India’s commercial real estate market. BFSI firms and technology companies contributed 44% of GCC leasing, showcasing their integral role in the office sector’s growth.
