Bengaluru, Hyderabad, and Chennai, the top southern cities, dominated the Global Capability Center (GCC) office space leasing market in the first quarter of 2025, with a 64% total share, according to a study conducted by the real estate consulting firm Anarock.
Chennai is home to more than 240 GCCs, employs more than 1,40,000 people, and accounts for 10-12% of India’s whole GCC talent pool, according to Anarock. By 2030, there will likely be between 440 and 460 GCCs in the city, according to projections.
At the top city level, Chennai’s GCC lease share was 8% in 2023, 12% in 2024, and 15% in the first quarter of 2025. Gross leasing across top cities was 24.5 million square feet in 2023, with Chennai accounting for 2 million square feet of the total. In 2024, gross leasing across top cities was 28.38 million square feet, with Chennai accounting for 3.28 million square feet. Chennai’s GCC leasing share was 1.22 million square feet in the first quarter of 2025, while the overall gross leasing across the top cities was 8.35 million square feet.
More than 75% of the leasing share in the GCC as a whole comes from the manufacturing, engineering, banking, financial services, and insurance (BFSI), research and development (R&D), and IT/ITES industries. Chennai is home to GCC offices like Citigroup, Barclays, Standard Chartered, Amazon, AstraZeneca, Roche, Ford, Caterpillar, DHL, UPS, Comcast, and Verizon.
Peush Jain, MD – Commercial Leasing and Advisory, ANAROCK Group, said, “GCCs in Bengaluru, Chennai and Hyderabad collectively leased approximately 5.34 Mn sq. ft. of gross office space in Q1 2025, followed by Delhi-NCR which saw 1.95 Mn sq. ft. gross office space leased to GCCs. Of the gross office space leasing of 19.47 Mn sq. ft. recorded in the top 7 cities in Q1, GCCs accounted for about 8.35 Mn sq. ft. — a 43% overall share. In Q1 2024, they had leased about 4.87 Mn sq. ft. In short, there has been a 72% annual jump in their office space absorption.”
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