Mumbai– U.S.-based firms have reached record levels of office leasing activity in India, with 2024 marking the highest annual volume ever recorded, according to a new report by real estate services firm JLL. The surge has been largely fueled by the continued growth of Global Capability Centers (GCCs), which have become the cornerstone of American corporate expansion in India.
From 2017 through Q1 2025, U.S. companies have maintained a dominant 34.2 percent share of India’s office leasing market, with 2024 alone accounting for the highest absolute leasing volume in the country’s history. The trend has held steady into Q1 2025, matching last year’s quarterly average, the report noted.
Despite a slight dip in overall market share compared to pre-pandemic levels, U.S. firms have increased their total leasing volume by roughly 16 percent. This suggests that while the Indian office market has diversified, American companies are deepening their strategic investments in the region.
“GCCs of U.S. origin consistently account for more than two-thirds of all leasing activity by American firms,” said Dr. Samantak Das, Chief Economist and Head of Research and REIS, India at JLL. “This highlights India’s importance as more than just an outsourcing hub—it’s now a key center for innovation, operations, and long-term strategy.”
The report emphasizes the evolving role of Indian cities in catering to U.S. firms. Bengaluru has emerged as the top destination, attracting 35 percent of U.S. office leasing from 2022 through Q1 2025. Hyderabad and Delhi-NCR follow as the second and third most preferred markets, with Chennai and Pune rounding out the top five.
Each city offers unique advantages. Bengaluru has evolved beyond its tech roots into a diverse business hub. Chennai stands out as India’s most balanced market across finance, e-commerce, and technology. Mumbai remains the financial capital, with strong leasing from U.S.-based BFSI GCCs, while Hyderabad has gained traction as a specialized center for banking, healthcare, and pharmaceutical services.
“India offers a powerful combination of scalable skilled talent, cost efficiency, a strong support ecosystem, and business-friendly policies,” said Rahul Arora, Head of Office Leasing and Retail Services and Senior Managing Director for Karnataka and Kerala at JLL. “These factors make it an increasingly attractive destination for American companies seeking to expand their global footprint.” (Source: IANS)
