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India’s Global Capability Centres (GCCs) are expected to exceed 2,400 by 2030, employing more than 2.8 million professionals, as the country’s commercial real estate market posts its strongest performance despite global economic uncertainty, according to a new industry report.
Findings from the “Workplaces 2025: India Commercial Real Estate Reimagined” report, published jointly by FICCI and ANAROCK, show that GCCs now account for over 40% of total gross office leasing across India’s top seven cities, cementing their role as structural drivers of office demand.
As of the end of 2024, India hosted more than 1,700 GCCs employing over 1.9 million people. The sector’s market size has more than doubled from about $30 billion in 2019 to roughly $64 billion in 2024, and is projected to reach $105–110 billion by 2030, growing at a compound annual rate of around 10%.
The expansion is being fuelled by sustained demand from IT and IT-enabled services, banking and financial services, healthcare and life sciences, and engineering research and development. India’s cost competitiveness, deep talent pool and maturing office infrastructure continue to attract multinational companies looking to scale global operations.
“India’s commercial real estate sector is at a pivotal inflection point,” said Raj Menda, Chairman of FICCI’s Committee on Urban Development and Real Estate and Chairman of the Supervisory Board at RMZ Corporation. “Global Capability Centres have emerged as a structural anchor of this growth, reshaping office demand and accelerating the development of premium, future-ready workplaces across both established and emerging cities.”
Bengaluru remains the dominant GCC hub, hosting more than 875 centres, or about 29% of the national total. The city accounted for over one-third of GCC leasing in 2025, followed by Pune with a 15% share, while Delhi-NCR and Hyderabad each contributed about 14%.
The report also highlights growing geographic diversification, with Tier 2 cities such as Jaipur, Kochi, Indore, Surat and Coimbatore emerging as the next wave of GCC destinations as companies look beyond traditional metros.
Office leasing across the top seven cities reached approximately 80.5 million square feet in 2025, of which GCCs accounted for around 32.5 million square feet. Grade A office stock in these markets has risen to nearly 800 million square feet, led by Bengaluru and the National Capital Region.
The report points to structural change in India’s real estate investment trust (REIT) market as well. With five listed REITs and a combined market capitalisation of nearly $18 billion, only about 20% of institutional-grade real estate is currently securitised—well below levels seen in mature markets. REIT penetration is projected to rise to 25–30% by 2030, driven by expansion into data centres, logistics and retail assets.
Foreign direct investment inflows rose to a provisional $81.04 billion in FY2024–25, up 14% year on year, reinforcing India’s position as a preferred investment destination. The report said continued policy support and institutional capital will be critical to sustaining momentum in both GCC growth and commercial real estate.
Findings from the “Workplaces 2025: India Commercial Real Estate Reimagined” report, published jointly by FICCI and ANAROCK, show that GCCs now account for over 40% of total gross office leasing across India’s top seven cities, cementing their role as structural drivers of office demand.
As of the end of 2024, India hosted more than 1,700 GCCs employing over 1.9 million people. The sector’s market size has more than doubled from about $30 billion in 2019 to roughly $64 billion in 2024, and is projected to reach $105–110 billion by 2030, growing at a compound annual rate of around 10%.
The expansion is being fuelled by sustained demand from IT and IT-enabled services, banking and financial services, healthcare and life sciences, and engineering research and development. India’s cost competitiveness, deep talent pool and maturing office infrastructure continue to attract multinational companies looking to scale global operations.
“India’s commercial real estate sector is at a pivotal inflection point,” said Raj Menda, Chairman of FICCI’s Committee on Urban Development and Real Estate and Chairman of the Supervisory Board at RMZ Corporation. “Global Capability Centres have emerged as a structural anchor of this growth, reshaping office demand and accelerating the development of premium, future-ready workplaces across both established and emerging cities.”
Bengaluru remains the dominant GCC hub, hosting more than 875 centres, or about 29% of the national total. The city accounted for over one-third of GCC leasing in 2025, followed by Pune with a 15% share, while Delhi-NCR and Hyderabad each contributed about 14%.
The report also highlights growing geographic diversification, with Tier 2 cities such as Jaipur, Kochi, Indore, Surat and Coimbatore emerging as the next wave of GCC destinations as companies look beyond traditional metros.
Office leasing across the top seven cities reached approximately 80.5 million square feet in 2025, of which GCCs accounted for around 32.5 million square feet. Grade A office stock in these markets has risen to nearly 800 million square feet, led by Bengaluru and the National Capital Region.
The report points to structural change in India’s real estate investment trust (REIT) market as well. With five listed REITs and a combined market capitalisation of nearly $18 billion, only about 20% of institutional-grade real estate is currently securitised—well below levels seen in mature markets. REIT penetration is projected to rise to 25–30% by 2030, driven by expansion into data centres, logistics and retail assets.
Foreign direct investment inflows rose to a provisional $81.04 billion in FY2024–25, up 14% year on year, reinforcing India’s position as a preferred investment destination. The report said continued policy support and institutional capital will be critical to sustaining momentum in both GCC growth and commercial real estate.
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