US firms deepen commitment to India's office market as GCCs expand footprint
This trend is being led by Global Capability Centers (GCCs), which are evolving beyond their traditional IT roots into engines of innovation, research & development, and high-value business operations.
US companies accounted for 34.2% of India's total office leasing between 2022 and the first quarter of 2025, showed data from JLL India. While their share has slightly dipped from pre-pandemic highs due to broader market participation, their absolute leasing volume has increased by around 16%.
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The year 2024 marked the highest annual office leasing activity ever recorded by US firms in India, and Q1 2025 has sustained the previous year's strong quarterly average--indicating a stable, long-term trend.
'India's combination of skilled talent at scale, supportive ecosystem, cost advantages, and growth-oriented policy environment continues to make it an increasingly attractive destination for US corporations.' He noted that US firms now hold a 45% share of total active space demand, rising to 55% among non-domestic occupiers. Of this, 70% is driven by
GCC
requirements,' said Rahul Arora, Head - Office Leasing & Retail Services and Senior Managing Director (Karnataka, Kerala), India, JLL.
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Driving this momentum are US-origin GCCs, which make up more than two-thirds of all leasing activity by American firms in India.
'US-origin GCCs consistently represent over two-thirds of all leasing activity by American firms. This underscores India's central position in long-term business strategies for major US corporations,' said Dr. Samantak Das, Chief Economist and Head of Research and REIS, India, JLL. Since 2017, US-based GCCs have contributed nearly 70% of all GCC leasing in India.
City-level patterns reveal Bengaluru as the leading destination, accounting for 35% of US leasing during the period, followed by Hyderabad and Delhi NCR. Chennai and Pune are also emerging as high-potential markets, each offering a mix of sectoral diversity and talent availability.
While technology remains the dominant sector for US occupiers, BFSI and manufacturing GCCs have posted the strongest growth. Manufacturing-led GCCs, in particular, have seen the largest percentage increase in leasing, driven by policy pushes like '
Make in India
' and growing global interest in India's engineering and design capabilities.
Across key metros, American firms are aligning their operations with each city's strengths--from Mumbai's banking, financial services, and insurance (BFSI) dominance to Chennai's balanced sector mix--marking a new phase in India's real estate and corporate evolution.
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