Hyderabad Among Top GCC Leasing Cities in Q1 2025: ANAROCK
Global Capability Centres (GCCs) continue to influence India's commercial real estate segment, with Hyderabad playing a significant role in leasing activity during the first quarter of 2025. The latest market report by ANAROCK Research indicates strong momentum across major southern metros, with Hyderabad, Bengaluru, and Chennai jointly accounting for the lion's share of leasing by GCCs.
According to the data, GCCs leased approximately 8.35 million sq. ft. of gross office space across India's top seven cities in Q1 2025, marking a 72 per cent year-on-year rise compared to 4.87 million sq. ft. during the same period in 2024. Of this, Bengaluru led with 3.3 million sq. ft., followed by Delhi-NCR at 1.91 million sq. ft. Hyderabad recorded 0.82 million sq. ft., placing it behind Chennai's 1.22 million sq. ft.
Despite a dip from 1.22 million sq. ft. in Q1 2024, Hyderabad remained a key contributor, underlining continued demand from both existing and new entrants.
In total, the seven leading Indian office markets reported gross leasing of 19.47 million sq. ft. in Q1 2025. GCCs contributed to 43 per cent of this volume. In the last two years, 2023 and 2024, gross leasing across the top seven cities touched 141.43 million sq. ft., of which GCCs absorbed 52.88 million sq. ft., accounting for over 37 per cent.
Sectoral analysis for Q1 2025 shows IT/ITeS occupying 35 per cent of the total leased area by GCCs, followed by BFSI at 22 per cent, manufacturing and industrial at 13 per cent, e-commerce at 6 per cent, and consulting firms at 5 per cent. The rest (19 per cent) comprised other sectors.
GCCs headquartered in the United States represented 65 per cent of all leasing by such centres in 2024, followed by 28 per cent from Europe and the Middle East. Firms from the Asia-Pacific region contributed just 7 per cent.
There were over 1,700 GCCs in India by the end of 2024, employing approximately 1.7 to 1.8 million professionals. ANAROCK projects that by the end of 2025, India could have more than 1,900 GCCs, hosting up to 1.9 million professionals and a cumulative market value between USD 60 and 70 billion.
By 2030, estimates suggest the number of GCCs in India could range between 2,200 and 2,300, with a combined market size of USD 100 to 110 billion and workforce strength reaching up to 2.8 million.
GCC expansion is no longer confined to metro cities. Emerging Tier 2 and Tier 3 cities such as Ahmedabad, Kochi, and Coimbatore are attracting interest due to their skilled workforce, cost advantages, and infrastructure upgrades driven by government support.
The shift in focus beyond traditional IT and BFSI segments also signals diversification. Sectors like manufacturing and industrial are increasingly becoming part of GCCs' India strategy, widening the scope of talent and services being delivered from the country.
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