There has been a growing presence of the GCCs of multinational companies in Indian office space market since the last few years. While the top 7 Indian cities are currently on the top radar of these companies for leasing, the government’s recent support offered in the Union Budget 2025-26 is likely to also propel demand in the Tier 2 and 3 cities. Interestingly, if we consider ANAROCK Research data of Indian office markets, the top 7 cities witnessed gross leasing of over 141.43 mn sq. ft. in the last two years – 2023 and 2024. Of this, GCCs alone leased about 52.88 mn sq. ft. of office space, comprising over 37 per cent share in total. Bengaluru remained on top with approx. 24 mn sq ft of gross office space leased in the city in the last two years, comprising a significant 46 per cent overall share. Hyderabad was at a distant second with over 10.06 mn sq ft of gross office space leased by the GCCs in the said period, comprising nearly 19 per cent total share among the top 7 cities. Peush Jain, MD-Commercial Leasing and Advisory, ANAROCK Group said, “India’s rising economic influence in the last two to three years has boosted the confidence of GCCs and attracted them to key markets in the country including Bengaluru, Mumbai, Hyderabad, Pune and Chennai. Interestingly, unlike the pre-Covid period (when most of these GCCs were largely eyeing the IT/ITeS and BFSI sectors), their focus is now shifting on other sectors including engineering and manufacturing. This is due to various factors including the growing prominence of India as a global economic hub, the government’s incessant focus on ‘Make in India’ initiative and other policies, overall improved infrastructure and boosted connectivity via airports, railways etc.” “Union Budget 2025-26 further strengthened the government’s commitment to attracting the GCCs in India by announcing the introduction of a national guidance framework to help states attract and promote GCCs, strengthening India’s position as a global business hub. Given India’s rising economic influence, this move is expected to fuel office space demand beyond the major metros to Tier 2 and Tier 3 cities as well.” City highlights GCCs leased approx. 52.88 mn. sq. ft. of gross office space across the top 7 cities in the last two years – 2023 and 2024. Of this total, nearly 24.5 mn sq. ft. was leased in 2023 while approx. 28.38 mn sq. ft. was leased in 2024, thereby seeing a 16% yearly jump. In Bengaluru, GCCs leased about a total of 24.18 mn sq. ft. of gross office space in the last two years. Of this, 11.5 mn sq. ft. was leased in 2023 while 12.68 mn sq. ft. was leased in 2024, thereby seeing a 10% annual rise. In Hyderabad, GCCs leased approx. 10.06 mn sq. ft. gross office space in last two years – of which nearly 5.2 mn sq. ft. in 2023 and 4.86 mn sq. ft. in 2024, thereby declining by 6% on yearly basis. In Chennai, GCCs leased about a total of 5.29 mn sq. ft. of gross office space in the last two years. Of this, approx. 2 mn sq. ft. was leased in 2023 while nearly 3.29 mn sq. ft. was leased in 2024, thereby seeing a 64% annual rise. Likewise, GCCs leased about a total of 5.28 mn sq. ft. of gross office space in Pune in two years. Of this, approx. 2.1 mn sq. ft. was leased in 2023 while nearly 3.18 mn sq. ft. was leased in 2024, thereby seeing a 52% annual rise. In NCR, GCCs leased approx. 5.09 mn sq. ft. gross office space in last two years – of which nearly 2.5 mn sq. ft. in 2023 and 2.59 mn sq. ft. in 2024, thereby increasing by 4% on yearly basis. In Mumbai, GCCs leased about a total of 2.82 mn sq. ft. of gross office space in the last two years. Of this, approx. 1.2 mn sq. ft. was leased in 2023 while nearly 1.62 mn sq. ft. was leased in 2024, thereby seeing a 35% annual rise. Kolkata saw merely 0.15 mn sq. ft. space leased in 2024. There was no leasing by the GCCs in 2023.