NEW DELHI — Multinational corporations (MNCs) have leased nearly 51 lakh square feet of office space in Delhi-NCR over the past two years to establish Global Capability Centres (GCCs), according to real estate consultancy Anarock, as published by The Economic Times.
Anarock reported that GCCs occupied 5.09 million square feet of gross office space in the region during 2023 and 2024. Of this total, approximately 2.5 million square feet were leased in 2023 and 2.59 million square feet in 2024, reflecting a 4% year-over-year increase.
Across India’s seven major cities — Delhi-NCR, Mumbai, Bengaluru, Pune, Hyderabad, Chennai, and Kolkata — total gross office leasing reached 141.43 million square feet over the last two years. GCCs accounted for 52.88 million square feet, representing more than 37% of total office space absorption.
Peush Jain, managing director of commercial leasing and advisory at Anarock, said India’s growing economic influence has bolstered the confidence of GCCs, drawing them to key markets such as Bengaluru, Mumbai, Hyderabad, Pune, and Chennai.
“Unlike the pre-pandemic period, when GCCs primarily focused on IT/ITeS and BFSI sectors, there is now a noticeable shift toward industries like engineering and manufacturing,” Jain said. “This change is driven by India’s emergence as a global economic hub, the government’s emphasis on the ‘Make in India’ initiative, and improvements in infrastructure and connectivity, including airports and railways.”
Jain also highlighted Anarock’s recent expansion into the office leasing segment in April 2024, adding to its existing operations in housing brokerage, capital market transactions, and retail, industrial, and warehousing leasing.
Vijay Harsh Jha, founder and CEO of VS Realtors, noted that Noida is attracting significant interest from GCCs. “Delhi-NCR, particularly Noida, has become a preferred destination for GCCs due to factors such as the upcoming Noida International Airport, competitive rental rates, high-quality office spaces, and robust connectivity across the region, including Gurugram,” Jha said.