Have US Companies Set New Records in Office Leasing Volumes in India?
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Synopsis
US firms have set new records in office leasing in India, with 2024 marking the highest annual activity ever. Discover how Global Capability Centres are transforming the landscape and what this means for the future of business in India.
Key Takeaways
- Record office leasing volumes achieved by US firms in India.
- Global Capability Centres are the primary growth driver.
- Bengaluru is the top destination for US occupiers.
- US firms account for 34.2% of India's office market.
- India's business landscape offers strategic advantages for global corporations.
Mumbai, June 14 (NationPress) US companies have reached unprecedented levels of office leasing in India over the last few years, with 2024 being noted as the peak year for activity, according to a report released on Saturday. Global Capability Centres (GCCs) have emerged as the key catalyst for this growth.
The office leasing statistics from 2017 through Q1 2025 highlight that US tenants held a robust 34.2 percent share of India’s office market during the period of 2022 to Q1 2025, with 2024 achieving the highest absolute leasing figures.
Moreover, Q1 2025 has maintained a consistent quarterly average compared to the previous year, as per a report by JLL.
Although the market share of US firms has seen a slight decrease since the pre-pandemic times, their absolute leasing volume has risen by about 16 percent. This indicates a strategic enhancement of the American corporate footprint in India, despite the overall market becoming more diversified.
“US-origin GCCs consistently account for over two-thirds of all leasing activities by American corporations. This highlights India's pivotal role in the long-term business plans of major US companies,” stated Dr. Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.
The dominance of GCCs in the real estate strategies of US firms signifies that American companies are viewing India as more than just a sourcing destination but as an essential hub for innovation and strategic operations.
“Each city in India presents unique advantages: Bengaluru has become a multi-sector hub beyond technology, Chennai offers a balanced market across BFSI, e-commerce, and technology, Mumbai stands as the financial epicenter where US-based BFSI GCCs thrive, while Hyderabad specializes in BFSI, healthcare, and pharmaceutical sectors,” informed Das.
Bengaluru has solidified its status as the favored location, accounting for 35 percent of all US occupier leasing activities between 2022 and Q1 2025. Hyderabad and Delhi-NCR follow as the second and third most appealing markets, with Chennai and Pune trailing behind.
“India's combination of a skilled workforce, supportive ecosystem, cost benefits, and growth-oriented policies makes it an increasingly attractive option for US companies aiming to grow their global capabilities,” remarked Rahul Arora, Head-Office Leasing and Retail Services, Senior Managing Director (Karnataka, Kerala), India, JLL.
Point of View
It's vital to recognize that the substantial increase in US office leasing activity in India reflects a broader trend of increased collaboration and investment between these two economies. This is a testament to India's growing influence in the global business landscape.
NationPress
14/06/2025
Frequently Asked Questions
What factors are driving the increase in US office leasing in India?
The rise is primarily driven by the establishment of Global Capability Centres (GCCs) and India's favorable business environment, including a skilled workforce and cost advantages.
Which cities in India are the most attractive for US firms?
Bengaluru leads with 35% of leasing activity, followed by Hyderabad, Delhi-NCR, Chennai, and Pune.
