U.S.-based companies leased 64.5 million square feet of office space across India’s seven major cities from 2022 to 2024, making up 33% of the total workspace demand during the period, according to real estate consultancy JLL India, as published by The Economic Times.
The bulk of this leasing—nearly 70%—was attributed to the setup of Global Capability Centers (GCCs), a growing operational model for multinational firms seeking cost efficiency and skilled talent. The seven cities included in the study are Delhi-NCR, Mumbai, Bengaluru, Hyderabad, Chennai, Pune, and Kolkata.
JLL reported that the total gross leasing across these markets reached 190 million square feet in the 2022–2024 calendar years. U.S. firms alone took up 64.5 million square feet, with the majority dedicated to GCC expansion.
“India’s combination of skilled talent at scale, a supportive ecosystem, cost advantages, and a growth-oriented policy environment continues to make it an increasingly attractive destination for U.S. corporations looking to establish and expand their global capabilities,” said Rahul Arora, Head of Office Leasing and Retail Services and Senior Managing Director for Karnataka and Kerala at JLL India.
Arora noted that GCC-led requirements constituted 70% of the total demand from U.S. occupiers, signaling strong long-term confidence in India as a hub for research and development, innovation, and back-office operations.
Among all Indian cities, Bengaluru was identified as the most preferred destination for U.S. companies, especially those in technology and the banking, financial services, and insurance (BFSI) sectors.
JLL added that U.S. technology and BFSI companies are key drivers of the country’s office leasing momentum, indicating continued interest in India’s maturing commercial real estate market.