Office leasing by American companies in India has reached historic levels, with 2024 setting a new annual record, driven largely by the expansion of Global Capability Centres (GCCs), according to a new report by real estate consultancy JLL.
Between 2017 and the first quarter of 2025, US-based firms have played a leading role in India’s office leasing landscape. From 2022 through Q1 2025, they held a dominant 34.2% share of the market. The year 2024 saw the highest-ever leasing activity in terms of volume, and Q1 2025 continued at the same pace as the previous year’s quarterly average.
While their overall market share has slightly declined compared to the pre-COVID era, the total amount of space leased by US firms has actually grown by around 16%. This increase highlights a deepening commitment to India by American companies, even as other global players expand their presence.
“US-based GCCs make up more than two-thirds of all leasing activity by American companies, reflecting how India has become a core part of their long-term strategic planning,” said Dr. Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.
Rather than viewing India solely as a cost-saving destination, US firms increasingly see it as a vital center for innovation, operations, and global expansion.
Each Indian city offers unique advantages for these firms. Bengaluru continues to lead as a diverse, multi-sector hub beyond just technology. Chennai is notable for its balanced mix of industries including finance, e-commerce, and tech. Mumbai serves as India’s financial capital, with US financial service GCCs heavily present. Hyderabad has become a specialist hub for sectors like banking, healthcare, and pharmaceuticals.
Between 2022 and Q1 2025, Bengaluru accounted for 35% of all leasing activity by US companies, securing its position as the top destination. Hyderabad and Delhi-NCR followed, with Chennai and Pune also emerging as key locations.
“India’s vast, skilled workforce, business-friendly environment, cost advantages, and policy support continue to make it a top choice for American corporations looking to scale their global operations,” added Rahul Arora, Head of Office Leasing and Retail Services, and Senior Managing Director (Karnataka, Kerala), JLL India.
