The office real estate landscape in India is witnessing significant expansion driven by American companies, particularly through the growth of Global Capability Centers (GCCs). In 2024, US firms not only deepened their presence but also diversified their sector focus beyond technology into BFSI and manufacturing. With Bengaluru, Hyderabad, and Delhi NCR leading the charge, India continues to cement its status as a strategic hub for innovation, research, and development for US corporates.
US Firms’ Growing Presence in Indian Office Markets
US companies have maintained a robust 34.2% share of India’s office leasing market between 2022 and Q1 2025. The year 2024 marked a record high for annual leasing volumes, and Q1 2025 sustained this momentum, reflecting the strategic importance of India in American corporate real estate strategies. Despite a slight dip in market share since pre-pandemic times, the absolute leasing volume increased by approximately 16%, indicating deeper engagement rather than retreat.
Technology Remains Dominant, But BFSI and Manufacturing GCCs Gain Ground
- Technology Sector: Continues to dominate US occupier activity, with Bengaluru emerging as the foremost destination, commanding 35% of leasing activity.
- BFSI and Manufacturing GCCs: These sectors are rapidly gaining share, with manufacturing GCCs showing the highest growth percentage, driven by initiatives like ‘Make in India’ promoting R&D and innovation.
- Key Cities: Hyderabad and Delhi NCR follow Bengaluru as the preferred leasing markets, with Chennai and Pune also attracting significant interest.
GCCs Drive Two-Thirds of US Leasing Activity
GCCs account for over two-thirds of US office leasing activity in India, highlighting India’s evolution from a pure outsourcing destination to a core innovation and strategic operations hub for American firms. This shift is supported by city-specific strengths:
- Bengaluru: Multi-sectoral powerhouse beyond just technology.
- Chennai: Balanced market with BFSI, e-commerce, and tech.
- Mumbai: Financial hub dominated by BFSI GCCs.
- Hyderabad: Specialized in BFSI, healthcare, and pharmaceuticals.
Strategic Advantages Attracting US Firms
According to Rahul Arora, Head of Office Leasing & Retail Services at JLL India, the growing appeal is due to:
- Large skilled talent pool
- Supportive business ecosystem
- Cost competitiveness
- Growth-oriented policies
These factors drive sustained long-term investment, especially in R&D and innovation-focused GCCs.
Summary Table: Quick Facts on US Office Leasing in India (2022–Q1 2025)
| Aspect | Highlight |
|---|---|
| US firms’ market share | 34.2% of India’s office leasing market |
| 2024 leasing volume | Highest annual leasing recorded |
| GCCs’ share of US leasing | Over two-thirds (70%) of US leasing activity |
| Top cities | Bengaluru (35%), Hyderabad, Delhi NCR |
| Fastest growing sectors | BFSI and manufacturing GCCs |
| Active space demand by US firms | 45% of overall demand; 55% of non-domestic demand |
Key Quotes
“US-origin GCCs consistently represent over two-thirds of all leasing activity by American firms. This underscores India’s central position in long-term business strategies for major US corporations,” said Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.
“India’s combination of skilled talent at scale, supportive ecosystem, cost advantages, and growth-oriented policy environment continues to make it an increasingly attractive destination for US corporations,” stated Rahul Arora, Head – Office Leasing & Retail Services, Senior Managing Director (Karnataka, Kerala), India, JLL.
FAQ
Q1: What percentage of India’s office leasing market do US firms occupy?
A1: US firms held a 34.2% share of India’s office leasing market between 2022 and Q1 2025.
Q2: Which Indian city is the top destination for US office leasing?
A2: Bengaluru leads with 35% of all US occupier leasing activity during the period analyzed.
Q3: What sectors besides technology are driving leasing growth for US firms?
A3: BFSI (Banking, Financial Services, and Insurance) and manufacturing-oriented GCCs are the fastest-growing sectors.
Q4: How significant are GCCs in US corporate real estate activity in India?
A4: GCCs account for over two-thirds (70%) of all leasing activity by US firms in India.
Q5: What are the key factors attracting US companies to lease offices in India?
A5: The combination of a skilled workforce, cost advantages, a supportive ecosystem, and growth-friendly policies makes India attractive.