Rating agency ICRA has projected that the number of Global Capability Centres (GCCs) in India will exceed 2,500 by 2030, up from around 1,700 currently, generating over USD 100 billion in annual revenue and expanding workforce capacity by 1.5–2 times. The rapid growth is expected to create substantial demand for Grade A office space across India’s top cities.

According to ICRA, GCCs leased a record 24 million sq ft of Grade A office space in FY25, marking a sharp rebound with their share in total leasing rising to 37 per cent from 27 per cent in FY23. The agency forecasts that GCCs will lease 50–55 million sq ft during FY26–FY27, contributing 38–40 per cent of total office demand in the top six markets — Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai Metropolitan Region (MMR), and Pune.

Anupama Reddy, Vice President and Co-Group Head, Corporate Ratings at ICRA, said India’s blend of cost competitiveness, a deep talent pool, and proactive policy support continues to attract multinational firms to establish and expand their global operations in the country.

Industry leaders echoed similar optimism about India’s GCC momentum. Shivam Agarwal, Vice President for Strategic Growth at Bengaluru-based Sattva Group, said, “India has become to GCCs what China is to manufacturing — the undisputed GCC capital of the world. The fundamentals are irresistible: a young, English-speaking workforce delivering world-class expertise at unmatched cost efficiency.”

Agarwal emphasised the need for collaboration between real estate developers, government, and industry to scale up infrastructure and frameworks in line with the sector’s rapid expansion. “This is India’s generational opportunity — to move from being a destination of choice to the only choice that matters,” he added.

Shesh Rao Paplikar, Founder and CEO of BHIVE Workspace, noted that the surge in GCC activity marks a structural transformation in how global enterprises view India. “The focus is shifting from cost arbitrage to innovation, capability building, and employee experience. Companies now want scalable, flexible workplaces that enhance productivity and simplify operations,” he said.

Sijo Jose, Co-Founder of SpazeOne, added that GCC growth underscores India’s status as a global business hub, driving preference for tech-enabled, collaborative, and flexible workspaces.

ICRA’s report further highlighted that US-based GCCs have accounted for 70 per cent of total Grade A office space absorption by GCCs in India since 2021. The report also noted that India’s prime office rentals, averaging USD 1–2 per sq ft per month, are among the most affordable globally, making the country a highly attractive destination for multinational firms.