Research Report

India offers the world’s most affordable prime office rentals at just USD 1–2 per sq ft per month, making it a highly cost-effective destination for GCCs. Combined with significantly lower employee costs plus a vast pool of skilled talent, a growing domestic market and rapidly improving urban infrastructure, India delivers unmatched scalability and operational efficiency for GCCs. Office leasing by GCCs in India stayed strong despite global headwinds; ICRA monitors evolving risks.

• US-based Global Capability Centres (GCCs) have led Grade A office space demand in India, accounting for 70% of the total GCC absorption since 2021. While the US remains dominant, the UK, Germany, France, Japan, Australia, and Singapore are steadily increasing their presence. Global firms prefer cities with strong talent pools and established ecosystems, with 65% of new leasing in green-certified integrated tech parks.
• GCCs in India are evolving from back-office functions to hubs of innovation, driving product development, artificial intelligence (AI)/machine learning (ML), cloud, and digital transformation. From ~1,700 GCCs today, ICRA projects the number to exceed 2,500 by 2030, generating over USD 100 billion in revenue and scaling workforce capacity by 1.5-2 times. This growth is fuelling demand for tech-enabled, flexible workspaces, creating significant commercial real estate opportunities.