India's GCCs to Grow to Over 2,500 by 2030 from Current 1,700: ICRA

India is likely to have more than 2,500 Global Capability Centres (GCCs) by 2030, up from the current 1,700, according to a report by ICRA. The rating agency said this growth could generate over $100 billion in revenue and increase the workforce by nearly two times over the next few years.

Rising Office Space Demand

In FY2024-25, GCCs leased around 24 million sq ft of Grade A office space across major Indian cities. Their share in total leasing rose to 37%, compared with 27% in FY23. ICRA projects that GCCs could lease about 50-55 million sq ft of Grade A office space during FY2026 and FY2027, making up nearly 38-40% of the total demand across Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai Metropolitan Region (MMR) and Pune.

Key Drivers of Expansion

ICRA noted that India’s cost advantage, a skilled workforce, and government-led infrastructure and policy support are key factors driving this expansion. US-based GCCs have been the main contributors, accounting for around 70% of total office space absorption since 2021. India’s office rentals, at around $1-2 per sq ft per month, remain among the lowest globally, supporting continued interest from multinational companies.

Sectoral Growth and Shifting Roles

GCCs in India are gradually moving from traditional support functions to roles in innovation, digital transformation, and research. New centres are being set up across banking, financial services, insurance, healthcare, life sciences, engineering, and manufacturing. The report said around 65% of new leasing is now taking place in green-certified, tech-enabled office parks.

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Conclusion

ICRA stated that the continued growth of GCCs has become a key driver for India’s commercial real estate sector. Despite global economic pressures, office leasing by GCCs remained steady in the first half of FY2026, reflecting sustained activity and long-term demand from global firms operating in India.

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