Mumbai, June 14 US firms have achieved record-breaking office leasing volumes in India in the past couple of years, with 2024 marking the highest annual activity ever recorded, with global capability centres (GCCs) emerging as the primary growth driver, a report showed on Saturday.
The leasing volumes from 2017 through Q1 2025 shows US occupiers maintained a commanding 34.2 per cent share of India's office market during the 2022-Q1 2025 period, with 2024 recording the highest annual leasing numbers in absolute terms.
In fact, Q1 2025 has also maintained the same quarterly average as the previous year, according to a JLL report.
While US firms' market share has modestly declined since the pre-pandemic period, their absolute leasing volume has increased by approximately 16 per cent, indicating a strategic deepening of American corporate presence in India despite overall market diversification, the report mentioned.
"US-origin GCCs consistently represent over two-thirds of all leasing activity by American firms. This underscores India's central position in long-term business strategies for major US corporations,” said Dr Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.
The predominance of GCCs within US firms' real estate footprint demonstrates that American companies view India not merely as an outsourcing destination, but as a critical hub for innovation and strategic operations.
“Within the country, each city offers distinct advantages: Bengaluru has evolved into a multi-sectoral powerhouse beyond tech, Chennai boasts India's most balanced market across BFSI, e-commerce, and tech sectors, Mumbai serves as the financial nerve centre where US-based BFSI GCCs dominate, and Hyderabad has established itself as a specialised hub for BFSI, healthcare, and pharmaceutical operations,” Das informed.
Bengaluru has strengthened its position as the preferred destination, capturing 35 per cent of all US occupier leasing activity between 2022-Q1 2025. Hyderabad and Delhi-NCR have emerged as the second and third most attractive markets, followed by Chennai and Pune.
"India's combination of skilled talent at scale, supportive ecosystem, cost advantages, and growth-oriented policy environment continues to make it an increasingly attractive destination for US corporations looking to establish and expand their global capabilities,” said Rahul Arora, Head-Office Leasing and Retail Services, Senior Managing Director (Karnataka, Kerala), India, JLL.
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