Bengaluru, Hyderabad and Chennai top cities for GCC office space: Report

The top three cities of South India - Bengaluru, Hyderabad and Chennai accounted for 64% market share of office space leasing for global capability centres (GCC) for the first three months of the year, according to a report.

According to a report by Anarock in the first quarter of 2025, the three cities of South India collectively leased around 5.34 million square ft of office space by GCCs from the total of 8.35 million square feet. Delhi-NCR saw 1.95 million square feet of gross office space leased to GCCs.

Peush Jain, MD - Commercial Leasing & Advisory, Anarock Group, said, "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 million square feet—a 43% overall share. In Q1 2024, they had leased about 4.87 million square feet. In short, there has been a 72% annual jump in their office space absorption."

City-wise data indicates that Bengaluru leads in gross leasing by GCCs in Q1 2025 with a 40% share, or approximately 3.3 million square feet, followed by Delhi-NCR with a 23% share—or approximately 1.91 million square feet, and Chennai with 1.22 million square feet, or a 15% share.

The Anarock data of Indian office markets indicates that the top 7 cities saw gross leasing of over 141.43 million square feet of office space in the last two years—2023 and 2024. Of this, GCCs alone leased about 52.88 million square feet, accounting for a share of over 37% share.

Of the overall GCC leasing of 8.35 million square feet office space in top 7 cities in Q1 2025, IT/ITeS held the lion’s share with 35%. BFSI came next with a 22% share, followed by manufacturing & industrial with 13%. E-commerce held a 6% share, and consultancy businesses had a share of 5%. The remaining 19% were leased by miscellaneous sectors. Notably, though IT/ITeS continues to dominate overall GCC leasing, other sectors like BFSI and manufacturing & industrial are also gaining ground.