US Firms Drive 33% of Office Space Demand in India's Top Cities (2022-2024): JLL Report
US companies have leased 64.5 million square feet of office space in India's seven major cities, primarily for setting up Global Capability Centers (GCCs).
Commercial Real EstateUs FirmsJll IndiaGlobal Capability CentersOffice LeasingReal EstateJun 15, 2025
Real estate consultant JLL India's data shows that the total gross leasing of office space during the 2022-2024 calendar years stood at 190 million square feet across seven major cities: Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, and Pune. US firms have taken a substantial share of this leasing, contributing over one-third of the total demand.
India's combination of skilled talent at scale, a supportive ecosystem, cost advantages, and a growth-oriented policy environment continues to make it an increasingly attractive destination for US corporations looking to establish and expand their global capabilities, said Rahul Arora, Head - Office Leasing & Retail Services, Senior Managing Director (Karnataka, Kerala), India, JLL.
GCC-led requirements constitute 70% of all space demand from US occupiers, signaling continued long-term investment and confidence in India as a key R&D and innovation hub, Arora added. The IT city of Bengaluru is the most preferred location for US corporates, followed by Hyderabad and Pune.
US-based technology and BFSI (Banking, Financial Services, and Insurance) companies are the major drivers of office demand in these top Indian cities. The establishment of GCCs not only provides these companies with access to a highly skilled workforce but also helps them reduce costs and improve operational efficiency.
The trend of US firms setting up GCCs in India is expected to continue, driven by the country's robust IT infrastructure, favorable government policies, and a growing pool of skilled professionals. This ongoing investment is likely to further boost the commercial real estate market in India, making it one of the most dynamic and attractive markets in the Asia-Pacific region.
In conclusion, the significant contribution of US firms to the office space demand in India underscores the country's strategic importance in the global business landscape. As more US companies recognize the benefits of setting up GCCs in India, the demand for office space is expected to remain robust, driving further growth in the commercial real estate sector.
Frequently Asked Questions
What is the total gross leasing of office space in India's top 7 cities during 2022-2024?
The total gross leasing of office space during 2022-2024 stood at 190 million square feet across seven major cities: Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, and Pune.
What percentage of the total office space demand is attributed to US firms?
US firms have contributed over one-third (33%) of the total office space demand in India's top cities during 2022-2024.
What are Global Capability Centers (GCCs), and why are they important?
Global Capability Centers (GCCs) are large, centralized facilities that provide a wide range of services, including R&D, IT, and back-office support. They are important because they allow companies to leverage a skilled workforce, reduce costs, and improve operational efficiency.
Which city is the most preferred location for US corporates in India?
The IT city of Bengaluru is the most preferred location for US corporates, followed by Hyderabad and Pune.
What are the major drivers of office demand in top Indian cities?
US-based technology and BFSI (Banking, Financial Services, and Insurance) companies are the major drivers of office demand in top Indian cities.
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