India's Office Leasing Boom: GCCs Drive Unprecedented Growth

India's top eight office markets saw a 74% surge in office space leasing, reaching a record 282 lakh square feet in the first quarter of 2025. This growth is propelled by global capability centres, with cities like Bengaluru and Hyderabad witnessing significant increases, though areas like Delhi-NCR saw declines.

India's leading office markets experienced a remarkable 74% increase in office space leasing in the March quarter, totaling 282 lakh square feet, driven largely by foreign firms establishing global capability centres (GCCs), reported Knight Frank.

The Knight Frank India report revealed major growth in city-specific office leasing, with Bengaluru's demand more than tripling and Hyderabad showing a 31% increase. However, Delhi-NCR and Ahmedabad faced declines.

Mindspace REIT CEO Ramesh Nair highlighted strong leasing momentum due to global demand, particularly from GCCs, BFSI, and technology sectors, emphasizing a trend towards Grade A office spaces offering comprehensive amenities and a conducive business ecosystem.