US Companies Set New Records in Office Leasing in India

In a remarkable trend, US firms have achieved record office leasing volumes in India, with 2024 marking the highest annual activity ever recorded. Global capability centres are identified as the main growth drivers. Despite a slight decline in market share since the pre-pandemic era, the absolute leasing volume has increased significantly, showcasing a strategic deepening of American corporate presence in India. Bengaluru stands out as the preferred destination, capturing a substantial portion of leasing activity, while other cities like Hyderabad and Chennai also emerge as attractive markets. This trend highlights India's role as a critical hub for innovation and strategic operations for US corporations.
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US Companies Set New Records in Office Leasing in India

Record Office Leasing Activity by US Firms in India


Mumbai, June 14: Recent reports indicate that American companies have reached unprecedented levels of office leasing in India, with 2024 marking the highest annual activity ever recorded. Global capability centres (GCCs) have emerged as the key drivers of this growth.


Data from 2017 through the first quarter of 2025 reveals that US firms held a significant 34.2 percent share of the Indian office market during the period from 2022 to Q1 2025, with 2024 achieving the highest leasing figures in absolute terms.


Moreover, the first quarter of 2025 has maintained the same quarterly average as the previous year, according to a report by JLL.


Although the market share of US firms has seen a slight decline since before the pandemic, their absolute leasing volume has surged by around 16 percent. This suggests a strategic enhancement of American corporate presence in India, despite a trend towards market diversification.


Dr. Samantak Das, Chief Economist and Head of Research and REIS, India at JLL, stated, "US-origin GCCs consistently account for over two-thirds of all leasing activities by American firms, highlighting India's pivotal role in the long-term business strategies of major US corporations."


The dominance of GCCs in the real estate strategies of US firms indicates that American companies are increasingly viewing India not just as an outsourcing hub, but as a vital center for innovation and strategic operations.


Each city in India offers unique advantages: Bengaluru has transformed into a multi-sector powerhouse beyond just technology, Chennai features a balanced market across BFSI, e-commerce, and tech sectors, Mumbai is recognized as the financial hub where US-based BFSI GCCs are prevalent, and Hyderabad has carved out a niche as a specialized center for BFSI, healthcare, and pharmaceutical operations.


Bengaluru has solidified its status as the top choice, accounting for 35 percent of all US occupier leasing activity from 2022 to Q1 2025. Hyderabad and Delhi-NCR follow as the second and third most appealing markets, with Chennai and Pune also making the list.


Rahul Arora, Head of Office Leasing and Retail Services, Senior Managing Director (Karnataka, Kerala) at JLL, remarked, "India's blend of skilled talent, supportive ecosystem, cost benefits, and growth-oriented policies continues to make it an increasingly attractive destination for US corporations aiming to establish and expand their global capabilities."


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