- MUMBAI — US firms
have achieved record-breaking office leasing volumes in India in the past
couple of years, with 2024 marking the highest annual activity ever recorded,
with global capability centres (GCCs) emerging as the primary growth driver, a
report showed on Saturday.
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- The leasing volumes from 2017 through Q1 2025 shows US
occupiers maintained a commanding 34.2 per cent share of India's office market
during the 2022-Q1 2025 period, with 2024 recording the highest annual leasing
numbers in absolute terms.
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- In fact, Q1 2025 has also maintained the same quarterly
average as the previous year, according to a JLL report.
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- While US firms' market share has modestly declined since the
pre-pandemic period, their absolute leasing volume has increased by
approximately 16 per cent, indicating a strategic deepening of American
corporate presence in India despite overall market diversification, the report
mentioned.
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- "US-origin GCCs consistently represent over two-thirds
of all leasing activity by American firms. This underscores India's central
position in long-term business strategies for major US corporations,” said Dr
Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.
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- The predominance of GCCs within US firms' real estate
footprint demonstrates that American companies view India not merely as an
outsourcing destination, but as a critical hub for innovation and strategic
operations.
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- “Within the country, each city offers distinct advantages:
Bengaluru has evolved into a multi-sectoral powerhouse beyond tech, Chennai
boasts India's most balanced market across BFSI, e-commerce, and tech sectors,
Mumbai serves as the financial nerve centre where US-based BFSI GCCs dominate,
and Hyderabad has established itself as a specialised hub for BFSI, healthcare,
and pharmaceutical operations,” Das informed.
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- Bengaluru has strengthened its position as the preferred
destination, capturing 35 per cent of all US occupier leasing activity between
2022-Q1 2025. Hyderabad and Delhi-NCR have emerged as the second and third most
attractive markets, followed by Chennai and Pune.
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- "India's combination of skilled talent at scale,
supportive ecosystem, cost advantages, and 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 and Retail Services, Senior Managing Director (Karnataka,
Kerala), India, JLL.
