India to host over 2,400 GCCs, create 2.8 million jobs by 2030: FICCI-ANAROCK report

India is poised to host more than 2,400 Global Capability Centres (GCCs) by 2030, employing over 2.8 million professionals, according to a new report by FICCI and ANAROCK. The report, titled “Workplaces 2025: India Commercial Real Estate Reimagined”, was released at the 3rd edition of the FICCI Commercial Real Estate Conclave in Bengaluru.

By the end of 2024, India had over 1,700 GCCs employing more than 1.9 million professionals. The GCC market size has expanded significantly, rising from USD 30 billion in 2019 to approximately USD 64 billion in 2024. It is expected to grow further to USD 105–110 billion by 2030, registering a compound annual growth rate (CAGR) of around 10 per cent.

The report notes that India’s office real estate market demonstrated strong resilience in 2025 despite macroeconomic and geopolitical challenges, with record-high office space leasing across the top seven cities. This growth was largely driven by GCCs, which accounted for more than 40 per cent of total gross leasing.

In 2025 alone, out of approximately 80.5 million sq ft of office space leased across the top seven cities, GCCs contributed over 32.5 million sq ft.

Bengaluru continued to dominate as the country’s leading GCC hub, hosting more than 875 centres, representing 29 per cent of India’s total GCCs. Pune followed with a 15 per cent share, while Delhi-NCR and Hyderabad accounted for 14 per cent each.

India’s Grade A office stock across the top seven cities touched nearly 800 million sq ft, with Bengaluru and NCR together accounting for close to 50 per cent of the total supply. Net absorption in 2025 crossed 58 million sq ft, while gross leasing exceeded 80 million sq ft, marking another record year for the sector.

Anuj Puri, Chairman of ANAROCK Group, said, “By 2024-end, India hosted over 1,700 GCCs, employing more than 1.9 million professionals. Over the years, India’s GCC landscape has expanded rapidly, with its market size rising from USD 30 Bn in 2019 to approx USD 64 Bn in 2024. This growth is fuelled by an ever-increasing demand from key sectors like IT/ITeS, BFSI, Healthcare & Life Sciences, and Engineering Research & Development (ER&D).”

“This momentum is expected to continue,” says Puri. “The Indian GCC market is projected to reach a market size of USD 105 – 110 Bn by 2030, growing at a CAGR of 10%. The sector’s ability to attract and retain global talent, coupled with India’s cost efficiency and its skilled captive workforce, continues to fuel demand for premium office spaces. Further, India’s GCC footprint is rapidly expanding beyond the top 7 cities, spreading steadily into Tier 2 cities such as Jaipur, Indore, Surat, Kochi, and Coimbatore. These cities are gaining increasing prominence as the next GCC growth hubs,” Puri added.

The report also highlighted the geographic expansion of GCCs beyond the top seven metros into Tier 2 cities such as Jaipur, Indore, Surat, Kochi, and Coimbatore, which are emerging as the next growth hubs.

Raj Menda, Chairman – FICCI Committee on Urban Development and Real Estate & Chairman of Supervisory Board, RMZ Corp, states, “For three decades, India’s office real estate market was largely viewed as a cost line to be managed. Today, it is a strategic lever. It shapes where global capital is deployed, where high-value jobs are created, and where India’s young workforce chooses to live. In that sense, Grade A buildings are no longer just piles of concrete and glass–they are operating systems for productivity, culture, technology, and climate resilience.”

“As this report documents, India’s top 7 cities already host around 800 million sq ft of Grade A office stock, with Bengaluru and the NCR together accounting for nearly half of that universe. Net absorption in 2025 has been over 58 Mn sq ft, with gross leasing of over 80 Mn sq ft–adding yet another record-breaking year.”

On the investment front, the report pointed to the structural transformation brought about by the introduction of Real Estate Investment Trusts (REITs) in India. While the country’s first REIT was listed in 2019, five listed REITs have already achieved a combined market capitalisation of nearly USD 18 billion. However, REITs currently represent only about 20 per cent of India’s institutional real estate market, with around 165 million sq ft of the 520 million sq ft REITable office stock listed.

The report expects REIT penetration to rise to 25–30 per cent by 2030, driven by diversification into asset classes such as data centres, logistics parks, and retail malls. Residential REITs may emerge gradually as regulatory frameworks evolve.

Other key highlights include a rise in foreign direct investment inflows to a provisional USD 81.04 billion in FY 2024–25, up 14 per cent year-on-year.

India’s office real estate completions surpassed 51 million sq ft in 2025, an 8 per cent increase from the previous year, with southern markets contributing around 51 per cent of new supply.

Office demand is also diversifying, with coworking spaces accounting for 23 per cent of demand, followed by BFSI at 18 per cent, alongside growing interest from consultancy and manufacturing sectors.

The report concludes that favourable government policies, proactive state-level GCC strategies, and sustained global interest are positioning India’s commercial real estate market for continued growth in the coming years.