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India has witnessed unprecedented office leasing activity by US-based companies between 2022 and the first quarter of 2025, with 2024 emerging as the most active year on record, according to data from global real estate consultancy JLL.
Also read: Bengaluru tops office leasing in Q1 2025, fueled by GCC growth
A major catalyst behind this surge is the expansion of US-origin Global Capability Centers (GCCs), which contributed over two-thirds of all American corporate leasing in India during this period. This trend reflects the strategic integration of India into long-term business planning by US firms.
Technology continues to lead in leasing volumes, but there has been a significant uptick in demand from GCCs operating in the banking, financial services, insurance (BFSI), and manufacturing sectors. This shift indicates a broadening of India’s traditional IT-driven value proposition into a more diversified services landscape.
Bengaluru remains the top destination, accounting for 35% of leasing activity by US companies from 2022 to Q1 2025. The city has transformed into a multi-sector hub, attracting not only technology firms but also GCCs from manufacturing, financial services, and e-commerce. Hyderabad and Delhi NCR followed as the next most preferred markets.
Overall, US firms maintained a dominant 34.2% share of India's total office leasing market from 2017 through Q1 2025, reaffirming their influential role in shaping India’s commercial real estate landscape.
