India’s commercial real estate market scaled a new peak in 2025, powered largely by Global Capability Centres (GCC). A latest industry study shows GCCs accounted for over 40% of total gross office leasing across the top 7 cities, underlining their growing role in shaping office demand and employment trends.
As per the study titled Workplaces 2025 India Commercial Real Estate Reimagined by an industry body and a real estate consultancy, GCCs leased over 32.5 million sq ft out of the total 80.5 million sq ft of office space taken up last year. Net absorption crossed 58 million sq ft, while gross leasing went past 80 million sq ft, making 2025 another record breaking year. Bengaluru remained the largest GCC hub, cornering more than one third of the country’s total GCC leasing due to its strong talent base and mature ecosystem.
Pune followed Bengaluru with a 15% share, while Delhi NCR and Hyderabad accounted for 14% each, indicating steady expansion but still well behind the southern city. The report estimates India will host over 2,400 GCCs by 2030, employing more than 2.8 million professionals. “Over the years, India’s GCC landscape has expanded rapidly, with its market size rising from $30 billion in 2019 to $64 billion in 2024. This growth is fuelled by an ever increasing demand from key sectors like IT ITeS, BFSI, healthcare and life sciences and engineering research and development,” said Anuj Puri, Chairman of the consulting group.
The study also highlighted structural shifts in the office real estate market. India now has 5 listed Real Estate Investment Trusts, expanding investor participation and taking total REIT market capitalization close to $18 billion since the first listing in 2019. However, REITs form only about 20% of total institutional real estate, well below mature global markets. Growth is expected from data centres, logistics parks and retail malls, while residential REITs may face delays due to regulatory issues. New office completions crossed 51 million sq ft in 2025, up 8% from 2024, with southern cities contributing 51% of new supply. Office demand also diversified, led by coworking at 23% and BFSI at 18%, alongside consultancy and manufacturing, supported by government policies and state level GCC initiatives.
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