GCCs likely to surge to more than 2,500 by 2030: ICRA

Rating agency ICRA in its latest report has said that global capability centres (GCCs) are likely to incrementally lease 50-55 million square feet (msf) of Grade A office space during FY2026-FY2027, potentially contributing 38-40% to the top six markets’ (Bengaluru, Chennai, Delhi National Capital Region (NCR), Hyderabad, Mumbai Metropolitan Region (MMR), and Pune) overall office demand.

According to the report, the number of GCCs is expected to rise from ar1,700 at present to more than 2,500 by 2030, generating over $100 billion in revenue and scaling workforce capacity by 1.5-2.0 times. The rating agency noted that the rapid expansion of GCCs has emerged as one of the key growth drivers for India’s commercial office real estate sector in recent years.

Their incremental demand for leased space signals a strong long-term commitment and strategic growth by global enterprises in India. Several states are also introducing targeted subsidies, training incentives and infrastructure support to further accelerate GCC investments.

The report also highlighted that the US-based GCCs have led Grade A office space demand in India, accounting for 70% of total GCC absorption since 2021. While the US market remains dominant, players from the UK, Germany, France, Japan, Australia, and Singapore are steadily increasing their presence.

Global firms prefer cities with strong talent pools and established ecosystems, with 65% of new leasing taking place in green-certified integrated tech parks. It said that despite global headwinds stemming from policy tightening (trade restrictions) in the US, office leasing activities by GCCs in India remained buoyant in H1 FY2026.

GCCs in India are witnessing a shift in trend from being back-office centers to strategic hubs of innovation, R&D and digital transformation. The GCCs in India are rapidly expanding to other centers in Banking, Financial Services & Insurance, Engineering & Manufacturing, Healthcare & Life Sciences.