US firms hit record office leasing volumes in India
New Delhi: US-based companies achieved record-breaking office leasing volumes in India during the period from 2022 to Q1 2025, with 2024 marking the highest annual activity ever recorded, according to global real estate firm JLL. The report highlighted that US-origin Global Capability Centers (GCCs) have played a major role in this growth, accounting for over two-thirds of all US corporate leasing in India. This strong presence reflects India's growing importance in long-term business strategies of American firms. JLL said 'US firms achieved record-breaking office leasing volumes in India during 2022-Q1 2025.... US-origin Global Capability Centers (GCCs) dominate with over two-thirds share of all US corporate leasing. 'Technology remains the leading sector for US occupier activity in India. However, the report also noted that GCCs in the Banking, Financial Services and Insurance (BFSI) sector, as well as those focused on manufacturing, have shown the strongest growth in leasing activity. This points to a shift in India's value proposition, expanding beyond traditional IT services to more diversified capabilities. According to JLL, Bengaluru has reinforced its status as the top choice for US companies, accounting for 35 per cent of all leasing activity by American firms between 2022 and Q1 2025.
The city, often called India's Silicon Valley, has evolved into a multi-sectoral hub with growing leasing interest from not only tech firms but also manufacturing, financial services, and e-commerce GCCs. Hyderabad and Delhi NCR followed Bengaluru as the second and third most attractive markets for US occupiers, while Chennai and Pune also saw notable activity. From 2017 through Q1 2025, US occupiers have consistently maintained a dominant 34.2 per cent share of India's total office leasing market. The momentum remained strong into Q1 2025, with leasing volumes matching the quarterly average seen in 2024. Interestingly, the report mentioned that Mumbai stood out as the only major metro where US-based BFSI GCCs have surpassed all other sectors in terms of leasing activity. This further strengthens Mumbai's reputation as the financial hub for American companies expanding global operations. The findings highlight India's rising prominence in the global office market, driven by sectoral diversification and the strong role of US firms in shaping the country's commercial real estate landscape.
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