GCCs Drive Office Leasing Surge In FY25, Led by Fortune 500 Companies: Report

New Delhi, July 15, 2025: Global capability centres (GCCs) have emerged as the driving force behind the office leasing surge in FY25, accounting for a commanding 42 per cent of total absorption, according to data from Vestian.

They are no longer prospecting the country for cost arbitrage alone; they are signing large-format leases that are an expression of a long-term intent, a belief in talent ecosystems and a demand for large-scale, future-ready workspaces. This is a strategic shift in the perception of India as a value prop for global corporate entities, including the Fortune 500 club of companies.

The emergence of GCC countries is changing the landscape of commercial real estate and establishing India as a centre for international business operations. Additionally, the data demonstrates that GCC absorption reached 31.8 million square feet (MSF) in FY25, a 24 per cent rise. 

Leading the charge were Fortune 500 companies’ GCCs, which rented 13.5 square meters of office space, or 43 per cent of the total area leased by these organisations during the fiscal year.

According to the city-wise absorption, Delhi-NCR has firmly positioned itself at the forefront of GCC leasing boom, outpacing other metros with its compelling mix of infrastructure, talent and connectivity.

GCCs accounted for a 28.3 per cent share of the city’s total office leasing. The share of Fortune 500 companies in the overall area absorbed by GCCs in NCR rose to 50 per cent in FY25 from 40 per cent a year ago. Besides, strategic submarkets like Gurugram, Noida and Faridabad are witnessing a groundswell of demand from Fortune 500 companies and global occupiers seeking scalable, Grade A office spaces.

Shantanu Gambhir, Co founder and MD, RISE Infraventures, says, “Delhi-NCR’s office market continues to chart a strong growth path with Gurugram and Noida cementing their positions as leading cities for businesses expanding their operations. The demand from GCCs and multinational firms is driving up interest in premium office developments, especially along corridors like Dwarka Expressway and Noida-Greater Noida Expressway.”

He adds, “As global occupiers are drawn by scalable office parks, strong connectivity and evolving support infrastructure, they seek long-term value and flexibility. NCR’s ability to offer multiple high-performing micro-markets makes it one of the most dynamic and resilient office markets in the country.”

Sanchit Bhutani, MD, Group 108, says  “The Noida-Greater Noida Expressway has turned into a prime destination for GCCs and multinational corporations, particularly those in the Fortune 500 league. The region is witnessing a tangible shift in demand towards premium, Grade A office spaces that align with global benchmarks in design, sustainability and functionality.”

The upcoming Noida International Airport is “acting as a major growth catalyst, boosting investor confidence and positioning the corridor as a strategic business hub. With its competitive pricing, strong infrastructure and seamless connectivity, the corridor will continue leading the next wave of corporate expansion”.

Although IT/ITeS remains the linchpin of commercial real estate demand, a different class of occupiers is quickly altering the space. Industry sectors such as BFSI, healthcare and research and development are becoming important sources of leasing, indicating a wider structural diversity in tenant profiles. It’s a sign of a maturing market becoming less reliant on one sector.

With developers and investors increasingly willing to cater to an expanded range of requirements—from innovation labs, financial business districts to healthcare-focused campuses— India as a destination is moving into a trajectory that positions it as a diversified and future-ready office market.

Ashwani Kumar, Pyramid Infratech, says, “The demand from major corporations and GCCs is expanding outside conventional centres, causing a structural shift in the Delhi-NCR office market.”

Gurugram stands out as one of the region’s most notable beneficiaries, he adds. “The city has seen a sharp increase in demand for office and business space. Interest in corporate and office premises is rising in the city as a result of major infrastructural improvement, improved metro connectivity and the availability of Grade A office spaces. We see a clear shift towards high-quality, tech-enabled office spaces in metros—a trend that reinforces confidence in India’s commercial realty segment.”

Prakash Mehta, CMD, Ocus Group, says, “In our view, what sets Gurugram apart today is not just the scale of office leasing, but the strategic intent driving it. Fortune 500 companies and GCCs are actively choosing this city for its future-readiness, talent accessibility and urban infrastructure. Newer micro-markets such as Sector 99, along the Dwarka Expressway, are emerging as vibrant office destinations, offering integrated work environments and better value.”

Global occupiers aren’t just leasing space; they’re investing in long-term operations, employee experience and sustainability, he adds. “Hence, we believe this paves the way for developers to step up and align their offerings with the next-gen office spaces.”

As global enterprises double down on India not just as a back-office location but as a vital part of their global operations, the demand for premium, sustainable and scalable workspaces will only intensify.