BM Property: Bengaluru reigns supreme in GCC office leases Q1 2025
Bengaluru has once again cemented its position as India's leading hub for Global Capability Centres (GCCs), accounting for the largest share of gross office space leasing among the top seven Indian cities in the first quarter of 2025.According to the latest data from, Bengaluru alone accounted for approximately 3.3 million sq. ft. of the 8.35 million sq. ft. gross office space leased by GCCs in Q1 2025 — capturing a commanding 40% share, the highest among all cities. Together with Chennai and Hyderabad, the southern cities made up a dominant 64% of GCC leasing activity.'Bengaluru continues to attract strong interest from GCCs, thanks to its deep talent pool and established tech ecosystem,' said Peush Jain, Managing Director Commercial Leasing & Advisory at ANAROCK Group. 'The city led the charts with 3.3 million sq. ft. in Q1 2025, followed by Delhi-NCR with 1.91 million sq. ft. and Chennai with 1.22 million sq. ft.'Overall, gross office leasing across India's top seven cities touched 19.47 million sq. ft. in the first quarter, with GCCs contributing a significant 43% share. This marks a sharp 72% year-on-year growth compared to Q1 2024, when GCCs leased around 4.87 million sq. ft.Sector-wise, the IT/ITeS segment continued to dominate leasing demand, accounting for 35% of GCC office space transactions. The Banking, Financial Services and Insurance (BFSI) sector followed with a 22% share, while manufacturing and industrial firms made up 13%. E-commerce and consultancy sectors contributed 6% and 5%, respectively.'While IT/ITeS remains the main driver, the growing presence of BFSI and manufacturing firms signals a healthy diversification in the GCC ecosystem,' Jain added.As of the end of 2024, India hosted over 1,700 operational GCCs across its major cities, employing between 1.7 and 1.8 million professionals and valued at approximately USD 52 billion. With the current momentum, ANAROCK estimates the number of GCCs will rise to over 1,900 by the end of 2025, with a market value between USD 60–70 billion.Looking ahead, India could see 2,200 to 2,300 GCCs by 2030, potentially employing up to 2.8 million people and generating a market value of USD 100–110 billion.Bengaluru's strong performance reinforces its strategic role in India's global services landscape. While Tier 2 and Tier 3 cities like Kochi, Coimbatore and Ahmedabad are emerging as alternatives, Bengaluru remains the preferred location for both new entrants and expanding global players.The city's gross leasing by GCCs rose from 2.82 million sq. ft. in Q1 2024 to 3.3 million sq. ft. in Q1 2025, reaffirming its leadership. Delhi-NCR posted a remarkable jump from 0.49 million sq. ft. to 1.91 million sq. ft., while Chennai, which had no GCC leasing activity in Q1 2024, recorded a robust 1.22 million sq. ft. this year.Other key cities saw varied performance. Mumbai and Pune recorded 0.6 million sq. ft. and 0.45 million sq. ft., respectively. Hyderabad experienced a drop, from 1.22 million sq. ft. to 0.82 million sq. ft., and Kolkata entered the segment with 0.05 million sq. ft. of leasing in Q1 2025.With its tech-driven ecosystem, skilled workforce, and well-developed infrastructure, Bengaluru is poised to maintain its lead as India's undisputed GCC capital in the years ahead.
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