Chennai, Bengaluru, Hyderabad lead in GCC investments in 2025: Anarock
Approximately 43% of all office-space leasing in the top seven Indian cities between January and March 2025 were by Global Capability Centres (GCCs) even as nearly two-thirds of these deals were struck in South India, according to the latest findings by property consultant, Anarock.
Of the 8.35 million sq ft in total office space leased by GCCs in Q1 2025, Bengaluru, Chennai and Hyderabad collectively accounted for 5.34 million sq ft in leasing. While South India has outperformed, Delhi-NCR remains the second-largest market for GCC leasing as far as Q1 2025 data is concerned. Bengaluru leads the list.
“From the overall GCC leasing data, city-wise data indicates that Bengaluru leads in gross-leasing by GCCs in Q1 2025 with a 40% share that translates to 3.3 million sq ft, followed by Delhi-NCR with a 23% share that is 1.91 million sq ft, and then Chennai with 1.22 million sq ft that amounts to a 15% share,” said Peush Jain, MD (Commercial Leasing & Advisory) at Anarock.
Hyderabad, Mumbai and Pune have accounted for GCC leasing to the tune of 820,000 sq ft, 600,000 sq ft and 450,000 sq ft respectively. The overall GCC leasing number this year (8.35 million sq ft) is in itself a 72% jump over the 4.87 million sq ft that the sector leased out in Q1 2024.
Anarock data also suggests that GCCs have accounted for a 37% share of all office-space leasing activity (52.88 million sq ft out of 141.43 million sq ft of office-space leasing) across seven top cities in India in 2023 and 2024. This year, the IT/ITES sector commanded a dominating 35% of all GCC leases in Q1 2025, followed by BFSI with a 22% share.
In the January-March period this year, sectors like manufacturing (13%), e-commerce (6%) and consulting (5%) have followed larger sectors like IT/ITES and BFSI in accounting for GCC leasing activity across India.
A deep-dive into Anarock data suggests that a total of 1,700 GCCs were operational (as of end-2024) across the seven cities that are tracked by the property consultant, with a cumulative market value estimated to be $52 billion. These GCCs, Anarock has reported, provide employment to anywhere between 1.7 and 1.8 million professionals.
“Our data also suggests that out of 28.23 million sq ft office space leased by GCCs in 2024 in the top seven cities, 65% were headquartered in the US, followed by 28% in Europe and the Middle East, and just 7% in the APAC region,” Jain added.