India's GCC Sector Drives Office Leasing Boom, Absorption Hits 18 Million Sq Ft in Q1 2025

Bengaluru, Delhi-NCR, and Mumbai emerged as the top cities for space take-up, collectively accounting for 64% of the quarter's leasing activity. GCCs from the banking, financial services, and insurance (BFSI), technology, and engineering and manufacturing (E&M) sectors drove over two-thirds of this space take-up.

The GCC sector's influence on India's office market is undeniable, with these centers accounting for 45% of overall office space leasing in Q1 2025. This trend underscores the growing importance of GCCs in India's economic landscape.

According to the report, office leasing activity is on the rise with a 5% year-over-year increase to approximately 18 million square feet in Q1 2025, driven significantly by Global Capability Centers (GCCs) which account for 45% of overall office space leasing in the same period. 

The BFSI and technology sectors are leading the charge in GCC-led space take-up, with Bengaluru, Delhi-NCR, and Mumbai emerging as the top cities for leasing activity, collectively accounting for a substantial share of the quarter's leasing.

Sustainability is also a key focus, with 88% of new supply being green-certified and over 80% of leasing taking place in certified assets. This trend underscores the growing importance of GCCs and sustainability in India's office market.

The continued resilience of India's office market, driven by GCCs and key sectors like BFSI and technology, is expected to sustain the momentum in the coming quarters. As the country solidifies its position as a hub for global capability centers, the demand for office space is likely to remain strong.