New Delhi : Over the past couple of years, GCCs have been the primary growth driver of India’s office market. This growth has been fueled by cost optimization strategies, a skilled talent pool, rapid infrastructure development, favourable government policies, ease of doing business, and a supportive business environment. As per Vestian’s latest report, GCCs accounted for 42% of the pan-India absorption in FY 2025, registering a marginal increase from 41% a year earlier. In terms of value, GCC absorption increased by 24% during the same period stated above, reaching 31.8 Mn sq ft.
Despite significant growth in the leased area, GCC transactions declined by 4% annually, totaling 305 transactions in FY 2025. This growth in terms of area and degrowth in terms of the number of transactions depicts GCCs’ growing preference for larger office spaces and long-term expansion plans. This can also be substantiated by an increase in large transactions (above 1 Lakh sq ft), which rose 44%, from 15.8 Mn sq ft in FY 2024 to 22.8 Mn sq ft in FY 2025.
Furthermore, Fortune 500 GCCs leased 13.5 Mn sq ft office space, accounting for 43% of the total area leased by GCCs in FY 2025. The leased area increased by 25% over the previous year, reinforcing India’s position as the preferred destination for global enterprises setting up GCCs.
GCC Absorption
| Category | FY 2025 (Mn sq ft) | FY 2024 (Mn sq ft) | Annual Change (%) | ||
| Absorbed Area | 31.8 | 25.6 | 24% | ||
| Fortune 500 Absorbed Area | 13.5 | 10.9 | 25% | ||
| Area of Large Transactions (More than 1 Lakh sq ft) | 22.8 | 15.8 | 44% |
Source: Vestian Research
Shrinivas Rao, FRICS, CEO, Vestian said, “GCCs contribute significantly to the office market in India, accounting for over 40% of the absorption recorded in the past two years. This share is expected to grow even further fueled by the expansion of large conglomerates from various industries such as IT-ITeS, BFSI, Healthcare & Lifesciences, Engineering & Manufacturing, and Consulting Services. India continues to offer a compelling value proposition through its skilled talent base, operational scalability, and robust ecosystem .”The IT-ITeS sector continued to dominate GCC absorption with 46% share in FY 2025; however, the share contracted from 53% over the previous year. On the other hand, the share of BFSI sector surged to 22% in FY 2025 from 14% a year earlier. Similarly, the share of Healthcare & Lifesciences sector also witnessed an increase from 5% to 8% during the same period, showcasing the growing diversification in the GCC landscape. While the share of Engineering & Manufacturing dropped from 9% to 4%, the share of Consulting Services remained largely stable at 6% in FY 2025.
Industry-wise Absorption (% of total area absorbed by GCCs)
| Industry | FY 2025 | FY 2024 |
| IT-ITeS | 46% | 53% |
| BFSI | 22% | 14% |
| Healthcare & Lifesciences | 8% | 5% |
| Engineering& Manufacturing | 4% | 9% |
| Consulting Services | 6% | 7% |
| Others | 14% | 12% |
Source: Vestian Research
Others include Automobile, Aviation, Chemicals & Petrochemicals, Consumer Goods & Services, Data Centres, Electronics, Energy, FMCD/FMCG, Infra, Real Estate & Logistics, Metals & Mining, Telecom & Media, Travel & Tourism
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