US firms have achieved unprecedented office leasing volumes in India over the past few years, with 2024 marking the highest annual leasing activity ever recorded. The surge has been driven largely by the expansion of global capability centres (GCCs), a recent report revealed on Saturday.
From 2017 to the first quarter of 2025, US occupiers maintained a dominant 34.2% share of India’s office market during the period of 2022 to Q1 2025. Notably, 2024 posted the highest annual leasing figures in absolute terms, and Q1 2025 continued to show leasing levels consistent with the previous year’s quarterly average, according to a JLL report.
While the market share of US firms has seen a slight decline since the pre-pandemic days, their total leasing volume has grown by approximately 16%, indicating a strategic expansion of American corporate presence in India amidst a diversified market landscape.
“Over two-thirds of all US leasing activity is driven by GCCs, which underscores India’s importance in the long-term business strategies of major US companies,” explained Dr. Samantak Das, Chief Economist and Head of Research at JLL India.
The prominence of GCCs within US firms’ real estate footprint demonstrates that India is increasingly viewed not just as an outsourcing hub but as a vital center for innovation and strategic operations.
Different cities in India continue to hold unique advantages: Bengaluru has evolved into a multi-sectoral powerhouse beyond technology, Chennai boasts a balanced profile across BFSI, e-commerce, and tech sectors, Mumbai serves as a financial hub where US-based BFSI GCCs are prominent, and Hyderabad has established itself as a specialized center for BFSI, healthcare, and pharmaceuticals.
Bengaluru leads as the top destination, accounting for 35% of all US occupier leasing activity from 2022 to Q1 2025. Hyderabad and Delhi-NCR are the second and third most attractive markets, followed by Chennai and Pune.
“India’s skilled talent pool, supportive ecosystem, cost advantages, and growth-oriented policies make it an increasingly appealing destination for US companies seeking to establish and expand their global operations,” said Rahul Arora, Head of Office Leasing and Retail Services, Senior Managing Director (Karnataka, Kerala) at JLL India.