India’s GCC Count Set to Surpass 2,400 by 2030 as Commercial Real Estate Hits Record Highs

Mumbai, February 5, 2026: India’s Global Capability Centres are poised to exceed 2,400 by 2030, employing more than 2.8 million professionals, as the country’s commercial real estate sector records its strongest performance despite global economic headwinds, according to a new industry report.

The findings, published in the FICCI-ANAROCK report ‘Workplaces 2025: India Commercial Real Estate Reimagined’, reveal that GCCs now account for more than 40 per cent of total gross office leasing across India’s top seven cities, cementing their position as structural anchors of the country’s property market.

As of end-2024, India housed over 1,700 GCCs employing more than 1.9 million professionals. The sector’s market size has more than doubled from $30 billion in 2019 to approximately $64 billion in 2024, with projections indicating growth to $105–110 billion by 2030 at a compound annual growth rate of 10 per cent.

The expansion is being driven by sustained demand from IT-ITeS, banking and financial services, healthcare and life sciences, and engineering research and development sectors, alongside India’s cost efficiency and deep talent pools.

Raj Menda, Chairman of the FICCI Committee on Urban Development and Real Estate and Chairman of the Supervisory Board, RMZ Corporation, said: “India’s commercial real estate sector is at a pivotal inflection point. Record office demand underscores a decisive shift toward high-quality, flexible, and technology-led assets. Global Capability Centres have emerged as a structural anchor of this growth, fundamentally reshaping office demand and accelerating the development of premium, future-ready workplaces across both established and emerging cities.”

Bengaluru continues to dominate India’s GCC landscape, hosting more than 875 centres—representing 29 per cent of the national total. The city captured over one-third of India’s GCC leasing in 2025, followed by Pune at 15 per cent, with Delhi-NCR and Hyderabad each accounting for 14 per cent.

Notably, GCC operations are expanding beyond established metros into Tier 2 cities. Jaipur, Kochi, Indore, Surat, and Coimbatore are emerging as the next wave of GCC destinations, reflecting broader geographical diversification of India’s knowledge economy.

Office leasing across the top seven cities reached approximately 80.5 million square feet in 2025, with GCCs accounting for 32.5 million square feet. Grade A office stock in these markets touched nearly 800 million square feet, led by Bengaluru and the National Capital Region, which together comprise nearly half of total supply.

The report also highlights the structural transformation underway in India’s Real Estate Investment Trust segment. With five listed REITs commanding a market capitalisation of nearly $18 billion, the sector has democratised property investment for retail participants. However, REITs currently represent just 20 per cent of institutional real estate—significantly below mature markets such as the United States, Singapore, and Japan.

Of approximately 520 million square feet of REIT-worthy office stock, only 165 million square feet is presently listed, indicating substantial headroom for institutionalisation. The report projects REIT penetration could rise to 25–30 per cent by 2030, driven by diversification into data centres, logistics parks, and retail assets.

Menda added: “Sustaining this momentum will require consistent policy support, long-term institutional capital, and continued collaboration between industry and government.”

Foreign direct investment inflows rose to a provisional $81.04 billion in FY 2024-25, marking a 14 per cent increase from the previous year and underscoring India’s continued appeal as a preferred investment destination.

With favourable government policies, proactive state-level GCC frameworks, and office demand increasingly diversified across co-working, BFSI, consultancy, and manufacturing sectors, the outlook for India’s commercial real estate market remains decidedly positive.