India’s GCC market to touch $110 billion by 2030: FICCI-ANAROCK report

India’s office real estate market recorded an all-time high in office space leasing in 2025, led by a sharp rise in demand from Global Capability Centres (GCCs), according to a report by FICCI and ANAROCK.

As per the report titled ‘Workplaces 2025: India Commercial Real Estate Reimagined’, gross office leasing across the top seven cities stood at around 80.5 million square feet in 2025. Of this, GCCs accounted for over 32.5 million square feet, representing more than 40% of total leasing activity.

The report noted that India is set to host over 2,400 GCCs by 2030, employing more than 2.8 million professionals, as global firms increasingly view the country as a strategic hub for high-value operations.

“The Indian GCC market is projected to reach a size of $105–110 billion by 2030, growing at a compound annual growth rate of around 10%,” said Anuj Puri, Chairman, ANAROCK Group. He added that sectors such as IT/ITeS, BFSI, healthcare and life sciences, and engineering research and development (ER&D) will be the key growth drivers.

Among cities, Bengaluru continued to dominate India’s GCC landscape, supported by a deep talent pool, a mature office ecosystem, and sustained global investor interest. In 2025, the city accounted for more than one-third of the country’s total GCC leasing.

Pune followed with a 15% share, while Delhi-NCR and Hyderabad together accounted for about 14%, reflecting their rising attractiveness as GCC destinations, though they still lag behind Bengaluru’s leadership position.

Commenting on the broader shift in office real estate, Raj Menda, Chairman, FICCI Committee on Urban Development and Real Estate, and Chairman of the Supervisory Board, RMZ Corp, said India’s office market has transitioned from being viewed as a cost centre to a strategic asset.

“For three decades, India’s office real estate market was largely seen as a cost line to be managed. Today, it is a strategic lever that determines where global capital flows, where high-value jobs are created, and where India’s young workforce chooses to live,” Menda said. He added that Grade A office buildings are increasingly functioning as operating systems for productivity, culture, technology and climate resilience.