India's commercial real estate is seeing a significant boom, primarily fuelled by the expansion of Global Capability Centres (GCCs).
In 2024, GCCs alone leased 28 million square feet (msf), fuelling a record 77.2 million msf of office leasing. This represented a significant 15.2 percent year-on-year (YoY) increase, an all-time high activity level.
According to a report by global business consulting firm ANSR, India commands over 50 percent of the GCC market, with metro cities like Delhi-NCR emerging as vital innovation centres, pushing demand for high-quality, flexible workspaces and reshaping urban infrastructure to meet the evolving needs of global enterprises.
In Delhi-NCR alone, 50.9 lakh sq ft of office space has been leased by MNCs in the last two years to set up GCCs, according to a report by real estate consultancy firm ANAROCK. Gurgaon and Noida remain top choices within the region due to improved infrastructure, skilled talent pools and access to international connectivity.
Santosh Agarwal, CFO and Executive Director of real estate company Alpha Corp Development Ltd, said that the expansion of GCCs is playing a pivotal role in shaping India’s office space market, with over 8.35 msf leased in Q1 2025.
“Delhi-NCR accounted for approximately 23 percent of this activity, reflecting its growing strategic importance. The surge in corporate leasing is being driven by the availability of a skilled talent pool, along with significant improvements in infrastructure, including enhanced metro connectivity, newly developed expressways, and the emergence of large-scale commercial complexes,” he said.
According to an analysis by global professional service firm EY, the upward trajectory of GCCs is expected to continue as this sector is expected to grow to 2,400 GCCs in India by 2030 from 1,580 in 2023, creating employment for more than 4.5 million people.
A recent report by Colliers, a global real estate consultancy firm, estimates that India’s total office stock will cross 1 billion sq ft by 2025, with GCCs playing a pivotal role in driving demand. As GCCs continue to grow in scale and strategic importance, their influence on India’s commercial real estate and broader urban infrastructure is expected to remain significant in the years ahead.
Ashish Sharma, AVP Operations, Brahma Group, said that the rapid expansion of GCCs is playing a transformative role in shaping India’s office space market. In particular, infrastructure-led development in Delhi-NCR has contributed to a notable increase in office rentals, underscoring growing demand.
“GCCs are driving demand for tech-enabled, collaborative workspaces. Furthermore, as they evolve into strategic innovation hubs, their focus on digital transformation and high-value services will further intensify office space demand in the years ahead,” he said.
Demand for plug-and-play workspaces
Market observers said that real estate developers and managed office operators are witnessing a growing interest in plug-and-play workspaces from newer GCC entrants seeking faster go-to-market solutions.
They said that companies are now looking for scalable, flexible and high-compliance environments that are easy to deploy. This swing is also driven by a significant shift towards hybrid work models and the sustained rise of the start-up ecosystem.
Developers are responding with high-grade commercial buildings that incorporate flexible layouts, sustainability features and wellness-focused design, they said.
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