‘India’s GCC count to surpass 2,400 by 2030 as commercial real estate hits record highs’

Mumbai: India’s Global Capability Centres (GCCs) are on track to play an even bigger role in the country’s economic and real estate landscape, with their numbers expected to cross 2,400 by 2030 and total employment projected to exceed 2.8 million professionals. This expansion is unfolding even as global economic headwinds persist, underscoring the resilience of India’s commercial real estate sector, according to a new industry report.

The findings are detailed in the FICCI-ANAROCK report “Workplaces 2025: India Commercial Real Estate Reimagined”, which notes that GCCs now account for more than 40 per cent of total gross office leasing across India’s top seven cities. This has firmly positioned them as long-term structural anchors of the country’s office property market rather than a cyclical or temporary demand driver.

As of the end of 2024, India hosted over 1,700 GCCs employing more than 1.9 million professionals. The sector has witnessed rapid value creation over the past few years, with its market size more than doubling from USD 30 billion in 2019 to about USD 64 billion in 2024. The report estimates that the GCC market could grow further to USD 105–110 billion by 2030, reflecting a compound annual growth rate of around 10 per cent.

This expansion is being fuelled by sustained demand from sectors such as IT and IT-enabled services, banking and financial services, healthcare and life sciences, and engineering research and development. India’s cost competitiveness, large and skilled talent base, and improving infrastructure continue to make it an attractive destination for global firms looking to scale high-value operations.

Commenting on the trend, Raj Menda, chairman of the FICCI Committee on Urban Development and Real Estate and Chairman of the Supervisory Board, RMZ Corporation, said: “India’s commercial real estate sector is at a pivotal inflection point. Record office demand underscores a decisive shift toward high-quality, flexible, and technology-led assets. Global Capability Centres have emerged as a structural anchor of this growth, fundamentally reshaping office demand and accelerating the development of premium, future-ready workplaces across both established and emerging cities.”

Bengaluru continues to lead India’s GCC ecosystem, hosting more than 875 centres, which account for 29 per cent of the national total. The city captured over one-third of India’s GCC leasing in 2025. Pune followed with a 15 per cent share, while Delhi-NCR and Hyderabad each accounted for around 14 per cent of leasing activity.

The report also highlights a growing shift beyond traditional metro markets. Tier 2 cities such as Jaipur, Kochi, Indore, Surat and Coimbatore are emerging as the next wave of GCC destinations, reflecting a broader geographical diversification of India’s knowledge-driven economy and the rising maturity of regional talent hubs. Overall office leasing across the top seven cities reached about 80.5 million square feet in 2025, with GCCs alone accounting for nearly 32.5 million square feet. Grade A office stock in these markets expanded to almost 800 million square feet, led by Bengaluru and the NCR, which together contribute close to half of the total supply.

The report also points to a structural shift in India’s Real Estate Investment Trust (REIT) market. With five listed REITs and a combined market capitalisation of nearly USD 18 billion, the segment has broadened access to property investments for retail investors.