India’s top cities for GCC leasing in 2024: Bengaluru, Hyderabad, and Chennai lead the way, according to Knight Frank India’s latest report | Representational Image
India recorded 329 Global Capability Centre (GCC) leasing deals in 2024, with Bengaluru, Hyderabad, and Chennai emerging as the top destinations, according to a Knight Frank India report.
Bengaluru led the market, accounting for 42% of total GCC leasing volumes with 100 transactions and 9.3 million sq ft of leased office space. Hyderabad followed with 5.06 mn sq ft and 44 deals, while Chennai secured 89 transactions, totaling 3.15 mn sq ft. The National Capital Region (NCR) also witnessed 53 deals, primarily in the small office segment.
Of the total 22.5 mn sq ft leased by GCCs, 50 large deals (over 100,000 sq ft each) contributed 12.1 mn sq ft, while 56 mid-sized deals (50,000-100,000 sq ft) accounted for 4.4 mn sq ft. Additionally, 223 smaller deals (under 50,000 sq ft) comprised 5.5 mn sq ft.
The report highlights India’s growing attractiveness as a GCC hub due to cost-effective real estate, a skilled workforce, and government initiatives. Shishir Baijal, Chairman & MD of Knight Frank India, noted that proactive policies and state-level incentives will further drive GCC expansion in the country.
Viral Desai, Senior Executive Director at Knight Frank India, emphasized that India’s stable commercial rents and high-quality Grade A office spaces make it a globally competitive destination for GCC growth.
While Chennai saw a 48% decline in GCC leasing YoY, this was attributed to a high base in 2023, when Bank of America’s large deal pushed transactions to 6 mn sq ft. In 2024, the city’s GCC take-up was evenly distributed across office size categories, with 1.07 mn sq ft in large spaces and 1.48 mn sq ft in small offices.
With India’s robust commercial real estate market and policy support, the country’s status as a preferred GCC destination is expected to strengthen further in the coming years.
