Kolkata records 239pc surge in GCC leasing in 2025: Report

While the absolute scale of activity remains modest compared to pan-India figures, which hit a record high of 29.3 MSF in 2025, the growth highlights improving market depth and talent-led demand in the city. Sectoral data shows that IT-BPM firms led the demand, accounting for 59 per cent of GCC leasing activity in the city.

Kolkata recorded a robust 239 per cent year-on-year growth in Global Capability Centre (GCC) leasing in 2025, a report said on Thursday. According to the latest office market data from property consultant Cushman & Wakefield, GCC gross leasing volume in the city surged to 0.51 million square feet (MSF) in 2025, compared to 0.15 MSF in the previous year. GCCs are offshore units set up by companies to deliver a range of services for their parent organisations. The sharp rise saw GCCs accounting for 30 per cent of Kolkata's total office leasing of 1.71 MSF during the year, a significant jump from a 9 per cent share in 2024. While the absolute scale of activity remains modest compared to pan-India figures, which hit a record high of 29.3 MSF in 2025, the growth highlights improving market depth and talent-led demand in the city. ''Kolkata is seeing a steady pickup in GCC activity, driven primarily by its domain-specific talent base and improving cost-to-value dynamics,'' said Santanu Ghosh, Executive Director & Head East - Tenant Representation, Cushman & Wakefield. Sectoral data shows that IT-BPM firms led the demand, accounting for 59 per cent of GCC leasing activity in the city. This was followed by Telecom & Media at 21 per cent, Professional Services at 13 per cent, and Engineering & Manufacturing at 7 per cent. The report noted that EMEA-headquartered companies were the primary drivers, accounting for 57 per cent of the leasing activity, while US-based firms contributed 43 per cent. A total of seven GCC centres were leased in Kolkata during 2025, with an average deal size of approximately 72,626 sq ft. This indicates a gradual shift toward more scalable and long-term commitments by occupiers. The momentum is further supported by the city's competitive rentals and a supportive policy environment, including the expected introduction of a dedicated state-level GCC policy. ''The supply pipeline for 2026 remains healthy, with around 1.5 MSF of new space expected to enter the market, which should be well aligned with the city's evolving GCC demand,'' Ghosh added.

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