105 million sq ft and counting: GCCs drive 37% of India's office leasing since 2022

The rapid expansion of global capability centres (GCCs) is reshaping India's office market, with foreign companies leasing nearly 105 million sq ft of premium office space across the country's seven largest cities since 2022, according to a Colliers India report.The report, 'GCCs in India: Global leadership through scale, competitiveness, talent & innovation', found that multinational companies are continuing to expand their footprint in India, driving a significant share of demand for Grade A office space.Colliers said foreign firms, mostly from the US, leased 104.6 million sq ft of office space between January 2022 and June 2026 to establish GCCs. The transactions made up almost 37% of all office leasing recorded across Bengaluru, Mumbai, Hyderabad, Delhi-NCR, Pune, Chennai and Kolkata during the period.The pace of leasing has strengthened further this year. GCCs rented 16.6 million sq ft of Grade A office space in the first six months of 2026, marking an annual increase of around 30%. Their contribution to overall office leasing also climbed to 46% during the January-June period.The consultant attributed the sustained momentum to India's appeal as a destination for multinational companies."India continues to be the most preferred destination for GCCs, underpinned by its deep and diverse talent pool, cost competitiveness, robust technology ecosystem, and favourable business environment," the report said.India had more than 2,100 GCCs by the end of 2025, according to the report, and that number is projected to cross 4,000 by 2030.The continued expansion of these centres is expected to keep office demand buoyant over the coming years.Arpit Mehrotra, Managing Director, Office Services, Colliers India, said, "India has firmly established itself at the epicentre of GCC-led innovation, combining talent superiority, cost arbitrage and technological prowess".He said the expansion of multinational companies in India would continue to support demand for office space as GCCs increasingly take on AI-driven innovation roles."Going forward, over the next two years, GCCs are expected to drive 45-50% of India's office space demand, taking up 35-40 million sq ft of Grade A space annually," Mehrotra said.He added that the expected increase in the number of GCCs would open up multiple opportunities for developers and investors alike.Ready to Make a Smarter Property Decision? Build Your Legacy with TOI Homes.