Mumbai, July 7 Global Capability Centres (GCCs) showed remarkable 30.8 per cent year-on-year growth in India in January-June period (H1 2025) this year, reaching 13.85 million square feet and exceeding previous annual totals, a report showed on Monday.
GCCs are leading the charge in India’s office market and on a H1 comparison, leased more space in January-June of 2025 than any previous calendar year for the same time period, according to a JLL report.
This follows the momentum from last year, when GCCs were the biggest occupier group by activity levels.
GCCs in the BFSI and Manufacturing sector have been the standout performers, accounting for a cumulative 55.6 per cent share in the H1 leasing volumes.
Bengaluru remains the gateway city for GCCs, accounting for over 41 per cent of demand in H1 2025.
On an overall basis, tech leads in overall leasing volumes with a 30.3 per cent share in H1, followed by Flex with 17.0 per cent, BFSI with 16.2 per cent and manufacturing with 15 per cent share.
For Q2, Tech remained the leader in absolute leasing terms accounting for a 30.8 per cent share, with Manufacturing and BFSI capturing the next two spots in terms of contribution, followed by Flex.
Consulting firms were major movers this quarter, accounting for their biggest quarterly space take-up in Q2 2025, the report mentioned.
Overall, India’s office market continues to demonstrate strong momentum despite significant global economic uncertainties and headwinds with gross leasing numbers hitting a new high of 39.45 million square feet in H1 2025, up by 17.6 per cent year-on-year.
“This exceptional performance, driven by global occupiers who account for 61.5 per cent of quarterly transactions, puts the market on trajectory to surpass an unprecedented 80 million square ft annually,” said Dr Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.
With the top seven cities consistently delivering approximately 21 million sq. ft per quarter over the past year, India has cemented its position as a mission-critical destination in multinational corporations' global strategies, reflecting deep-seated confidence in the country's long-term growth potential, Das mentioned.
It is worth noting that India’s office market has bucked the global trends of workspace contraction.
Headcount and footprint growth-oriented demand resulted in net absorption in H1 hitting 23.9 million sq ft which was also the highest ever among all previous H1 comparisons. Indian office sector continues its remarkable growth trajectory despite international economic challenges, driven by GCCs, tech revival, and strong BFSI demand.
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