India’s commercial real estate market is being reshaped by the rapid expansion of Global Capability Centres (GCCs), which are emerging as one of the most decisive forces influencing office demand, employment patterns and urban growth. Industry projections indicate that the number of GCCs operating in the country could exceed 2,400 by the end of the decade, employing nearly three million professionals and anchoring long-term demand for high-quality office space.
This growth trajectory stands out against a backdrop of global economic uncertainty. While several international office markets continue to face subdued demand, India’s workplace sector has recorded its strongest leasing volumes in recent years. Analysts attribute this resilience to the structural role GCCs now play in global business operations, rather than short-term outsourcing or cost arbitrage. By the end of 2024, India had already crossed 1,700 operational GCCs, with employment nearing two million. These centres now account for over two-fifths of all office leasing across the country’s largest urban markets, reinforcing their position as permanent occupants rather than cyclical tenants. The economic value of the GCC ecosystem has expanded sharply over the past five years and is projected to nearly double again by 2030, driven by steady demand for digital, analytical and engineering capabilities. The concentration of GCC activity continues to favour established technology hubs. Southern and western cities dominate leasing activity, supported by deep talent pools, established infrastructure and mature office ecosystems.
However, the next phase of growth is expected to be more geographically dispersed. Secondary cities with improving connectivity, universities and lower operating costs are increasingly being evaluated as viable locations for specialised and mid-scale centres. This decentralisation has important implications for urban development. As GCCs move beyond a handful of metros, demand is rising for grade-A office buildings, integrated transit access and mixed-use districts that support work-life integration. Urban planners note that such expansion can help reduce pressure on megacities while accelerating economic opportunities in regional centres. Office supply has responded accordingly. Across major cities, grade-A stock has expanded rapidly, with new developments emphasising energy efficiency, flexible floor plates and digital readiness. These attributes are increasingly non-negotiable for global occupiers seeking future-ready workplaces aligned with sustainability and employee wellbeing goals. The growth of GCC-led office demand is also influencing capital markets. India’s listed real estate investment vehicles, particularly office-focused trusts, have gained prominence as institutional and retail investors seek exposure to stable, income-generating commercial assets backed by long-term leases.
As India positions itself as a global hub for high-value services, GCCs are no longer just tenants they are shaping how cities plan, build and finance their commercial districts. The challenge ahead will be ensuring that this expansion is matched by inclusive urban infrastructure, public transport investment and climate-resilient planning, so that growth remains both competitive and sustainable through the next decade.
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Commercial Real Estate Reshaped by GCC Surge
