Over the past couple of years, GCCs have been the primary growth driver of India’s office market. This growth has been fueled by cost optimization strategies, a skilled talent pool, rapid infrastructure development, favourable government policies, ease of doing business, and a supportive business environment. As per Vestian’s latest report, GCCs accounted for 42% of the pan-India absorption in FY 2025, registering a marginal increase from 41% a year earlier. In terms of value, GCC absorption increased by 24% during the same period stated above, reaching 31.8 Mn sq ft.

Despite significant growth in the leased area, GCC transactions declined by 4% annually, totaling 305 transactions in FY 2025. This growth in terms of area and degrowth in terms of the number of transactions depicts GCCs’ growing preference for larger office spaces and long-term expansion plans. This can also be substantiated by an increase in large transactions (above 1 Lakh sq ft), which rose 44%, from 15.8 Mn sq ft in FY 2024 to 22.8 Mn sq ft in FY 2025.

Furthermore, Fortune 500 GCCs leased 13.5 Mn sq ft office space, accounting for 43% of the total area leased by GCCs in FY 2025. The leased area increased by 25% over the previous year, reinforcing India’s position as the preferred destination for global enterprises setting up GCCs.

GCC Absorption

Source: Vestian Research

Shrinivas Rao, FRICS, CEO, Vestian said, “GCCs contribute significantly to the office market in India, accounting for over 40% of the absorption recorded in the past two years. This share is expected to grow even further fueled by the expansion of large conglomerates from various industries such as IT-ITeS, BFSI, Healthcare & Lifesciences, Engineering & Manufacturing, and Consulting Services. India continues to offer a compelling value proposition through its skilled talent base, operational scalability, and robust ecosystem .”The IT-ITeS sector continued to dominate GCC absorption with 46% share in FY 2025; however, the share contracted from 53% over the previous year. On the other hand, the share of BFSI sector surged to 22% in FY 2025 from 14% a year earlier. Similarly, the share of Healthcare & Lifesciences sector also witnessed an increase from 5% to 8% during the same period, showcasing the growing diversification in the GCC landscape. While the share of Engineering & Manufacturing dropped from 9% to 4%, the share of Consulting Services remained largely stable at 6% in FY 2025.

Industry-wise Absorption (% of total area absorbed by GCCs)

Source: Vestian Research

Others include Automobile, Aviation, Chemicals & Petrochemicals, Consumer Goods & Services, Data Centres, Electronics, Energy, FMCD/FMCG, Infra, Real Estate & Logistics, Metals & Mining, Telecom & Media, Travel & Tourism

City-wise Analysis:

Bengaluru: GCCs accounted for 65% of the city’s overall absorption in FY 2025, the highest contribution among the top seven cities. The share has also grown from 55% a year earlier. Out of the total area absorbed by GCCs in FY 2025, 47% was leased by Fortune 500 companies. This showcases the city’s appeal as a global GCC hub

Hyderabad: GCCs accounted for 46% of the city’s overall absorption in FY 2025, the second-highest contribution among the top seven cities. However, the area absorbed under the large-sized deals decreased by 5% in FY 2025 over the previous year, indicating a cautious approach by GCCs in the city while leasing larger office spaces

Chennai: IT-ITeS sector dominated GCC absorption with 54% share in FY 2025, however, the share has declined from 61% a year earlier. Despite accounting for only 8% of the total number of GCCs in the city, the share of Healthcare & Lifesciences in absorption increased from 4% to 14% during the same period

Mumbai: The city’s overall absorption increased by 52% in FY 2025 over the previous year. The uptick was primarily driven by the growth in the GCC landscape as the share of GCCs in the city’s total absorption increased from 15% to 26% during the same period stated above

NCR: The share of Fortune 500 companies in the overall area absorbed by GCCs rose to 50% in FY 2025 from 40% a year ago. These companies leased larger office spaces in the region, which can be substantiated by the fact that the area transacted under large-sized deals increased drastically by 142% in FY 2025

Pune: IT-ITeS sector accounts for 61% of the total number of GCCs in the city, the highest among other sectors. It is followed by BFSI at 16%, Engineering & Manufacturing at 7%, Automobile at 5%, and Healthcare & Lifesciences at 3%. 

About Vestian: 

Vestian is an occupier-focused workplace solutions firm specializing in commercial, residential, industrial, retail and hospitality sectors. Headquartered at Chicago, Vestian has offices across US, India, China, UK, Sri Lanka and the Middle East. Our core strength lies in providing customized innovative solutions that are aligned to the client’s business objectives. Our extensive service portfolio includes Investment & Consultancy Services, Transaction Advisory Services, Project Services, Retail Business Solutions and Integrated Facilities Management Services.  Vestian is the only global workplace solutions organization to be certified in both quality management systems and environmental health & safety standards such as ISO 9001, ISO 14001, ISO 45001 and ISO 37001. For further information on the company, you can visit us at www.vestian.com