Global firms’ office leasing in India hit record high: JLL report

The GCCs account for more than 1% of the country’s GDP and as of December, there were over 1,950 of them.

Global Capability Centers — offshore units that handle the parent’s business processes — accounted for over a third of the “record-breaking” 77.2 million square feet of office space leased in India’s key cities last year, according to property services firm Jones Lang LaSalle.

“Global Capability Centers have emerged as the backbone of this surge,” Samantak Das, chief economist and head of research and REIS, India, JLL, said in the report. They leased about 28 million square feet across seven major cities, a record, and now make up nearly 40% of the total office leasing since 2016.

The trend underscores India’s robust office market for multinational companies, and its growing status as “office to the world,” the JLL report said.

Bengaluru, the southern city often referred to as the Silicon Valley of India, remains the hub for GCCs offices, capturing nearly half of the leasing demand last year. Other major cities, including Hyderabad, have also attracted international companies looking to expand operations.

The GCCs account for more than 1% of the country’s GDP and as of December, there were over 1,950 of them.