Global companies are no longer asking whether to expand in India—they are deciding how deeply to embed themselves. That shift is playing out most clearly in the rapid rise of Global Capability Centres (GCCs), which have moved from being a niche corporate tool to a core pillar of India’s jobs market, office real estate demand and institutional capital flows.

Even as global growth stays uneven, India’s office market has broken the slowdown narrative. Gross leasing touched a record 80.5 million sq ft in 2025 across the top seven cities. GCCs accounted for over 40% of total absorption, according to the FICCI–ANAROCK report Workplaces 2025. Importantly, multinational captives—spanning finance, engineering, R&D, cybersecurity, healthcare analytics and AI—are now driving both the scale and quality of office demand.

India is expected to host over 2,400 GCCs by 2030, employing more than 2.8 million professionals. This is up from 1,700+ centres and 1.9 million employees at the end of 2024. In value terms, the GCC market is projected to grow from USD 64 billion in 2024 to USD 105–110 billion by 2030. This reflects a steady 10% CAGR.

Bengaluru remains the anchor, accounting for over a third of GCC leasing in 2025 and hosting nearly 29% of India’s total GCCs. Pune, Delhi-NCR, and Hyderabad together make up another 40%. This underscores a metro-led, but gradually widening, footprint.

That footprint is now stretching beyond the top cities. Rising costs and congestion are pushing companies to explore Tier-2 markets such as Jaipur, Indore, Kochi and Coimbatore. Companies are drawn by lower operating costs, improving infrastructure and state-level GCC policies. Furthermore, GIFT City is also emerging as a new hub. There is growing interest from multinational firms looking to base global capability and innovation teams alongside India’s manufacturing ecosystem.

Policy tailwinds are reinforcing the trend. Budget 2026, through its focus on urban infrastructure, advanced skilling and tax stability for REITs, has strengthened India’s appeal as a long-term GCC destination. It has done so without pitching it as a short-term outsourcing play.

The result is a structural shift rather than a cyclical one. India’s office real estate is increasingly being treated as strategic infrastructure. This is backed by long-term leases, rising Grade A supply and steady FDI inflows of USD 81.04 billion in FY25.

As global firms rebalance resilience and risk, India’s role is evolving—from a support base to a capability hub. GCCs are no longer just filling office space; they are quietly reshaping how global companies organise their future.

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