Amid increasing demand for Grade A office stock, as the commercial real estate expands beyond Tier 1 cities, GCCs and REITs have emerged as the high potential growth drivers. 

• By 2024-end, India had 1,700+ GCCs, employing >1.9 million professionals

• GCCs market size in the country expected to reach USD 105-110 Bn by 2030, against USD 64 Bn in 2024
• GCCs expanding beyond the top 7 metros to tier 2 cities like Jaipur, Kochi, Indore & Coimbatore – the next growth frontier
• In 2025, out of approx. 80.5 Mn sq. ft of gross leased office space, GCCs accounted for 32.5+ Mn sq. ft. in the top 7 cities
• Bengaluru dominates as India’s leading GCC market – over 875 GCC centres, 29% of the country’s total GCCs
• Grade A office stock across top 7 cities touched approx. 800 million sq. ft., led by Bengaluru & NCR, which together account for nearly 50% of total supply
• REITs currently represent just 20% of institutional real estate; out of 520 Mn sq. ft. of REITable office stock, only about 165 Mn sq. ft. listed – major headroom for institutionalisation

 India’s office market in 2025 demonstrated marked resilience, with all-time high office space leasing, beating macro-economic and geo-political headwinds. This surge is driven by the Global Capability Centres (GCCs), which now account for more than 40% of total gross leasing in these cities and are set to top 2400 mark. 

According to  Anuj Puri, Chairman – Anarock Group., over the years, India’s GCC has been marked  with its market size rising from USD 30 Bn in 2019 to approx. USD 64 Bn in 2024,  fuelled by an ever-increasing demand from key sectors like IT/ITeS, BFSI, Healthcare & Life Sciences, and Engineering Research & Development (ER&D).The Indian GCC market is projected to reach a  size of USD 105 – 110 Bn by 2030, growing at a CAGR of 10%, expanding beyond top 7 cities, into Tier-2 cities like Jaipur , Indore, Surat, Kochi and Coimbatore which are gaining prominence as the next GCC growth hubs. . The sector’s ability to attract and retain global talent, coupled with India’s cost efficiency and its skilled captive workforce, continues to fuel demand for premium office spaces.  

Growth Snapshot 

In 2025 GCCs accounted for over 32.5 Mn sq ft of the total gross office leasing (80.5 Mn sq. ft.) across the top 7 cities. Bengaluru continues to lead India’s GCC landscape, backed by its deep talent pool, well-developed ecosystem, and sustained global investment interest. In 2025, the city captured more than one-third of the country’s total GCC leasing, maintaining a clear edge over other markets. Pune followed with a 15% share, while Delhi-NCR and Hyderabad accounted for 14% – reflecting their growing appeal.

According to Raj Menda, Chairman – FICCI Committee on Urban Development and Real Estate & Chairman of Supervisory Board, RMZ Corp, today India’s office real estate market shapes where global capital is deployed and where Grade A buildings are no longer just piles of concrete and glass – they are operating systems for productivity, culture, technology, and climate resilience.

The report documents that India’s top 7 cities already host around 800 million sq. ft. of Grade A office stock, with Bengaluru and the NCR together accounting for nearly half of that universe. Net absorption in 2025 has been over 58 Mn sq. ft., with gross leasing of over 80 Mn sq. ft. – adding yet another record-breaking year.

Indian Vs. Global REITs

The report also highlights Indian office real estate’s structural transformation with the introduction of five listed Real Estate Investment Trusts (REITs). These have effectively ‘democratized’ property investments, allowing retail investors to participate in a previously institutional-dominated asset class.

While India joined the REIT bandwagon later than many global counterparts (the country’s first REIT was listed only in 2019), it has swiftly reached a market capitalization of nearly USD 18 Bn – driven by just five listed REITs.

India’s REIT market is growing steadily but still accounts for only about 20% of the country’s total institutional real estate. This is markedly lower than in mature markets like the US, Singapore, and Japan.However, the landscape is widening in tandem with the sector’s rapid evolution. Future growth will be driven by diversification into alternative asset classes such as data centres, logistics parks, and retail malls, reflecting changing investor preferences and occupier trends.Residential REITs may be slower to materialize given regulatory and market complexities; however, it is reasonable to expect progress in this direction eventually.

With increasing institutional participation, policy support, and expanding asset inclusion, India’s REIT penetration could climb to 25-30% by 2030 – positioning it among the world’s most dynamic and rapidly expanding USA REIT ecosystems.