Kolkata recorded a robust growth in Global Capability Centre (GCC) leasing in 2025, reflecting growing occupier interest in the city as part of a broader evaluation of locations beyond traditional metro hubs. According to Cushman & Wakefield’s latest office market data, GCC gross leasing volume (GLV) in Kolkata surged to 0.51 MSF in 2025, up from 0.15 MSF in 2024, marking a 239% year-on-year growth. While the absolute scale of GCC activity remains modest, the year-on-year rise highlights improving market depth, talent-led demand and increasing traction among global enterprises. During the year, GCC’s accounted for 30% of the city’s total office leasing (1.71 MSF), a sharp rise from 9% in 2024.
GCC Leasing Volume (sq ft)
Full Year 2022
Full Year 2023
Full Year 2024
Full Year 2025
Y-O-Y % Change
Kolkata
140,000
151,000
150,000
508,382
239%
PAN India
8,951,933
17,239,096
24,835,631
29,282,279
18%
This uptick comes against a strong national backdrop, with GCCs continuing to drive India’s office market in 2025, recording a leasing high of 29.3 MSF and accounting for 33% of total gross leasing volume nationwide (~89 MSF).
From a sectoral perspective, IT-BPM led GCC demand in Kolkata, accounting for 59% of GCC leasing activity in 2025. This was followed by Telecom & Media (21%), Professional Services (13%), and Engineering & Manufacturing (7%).
Sector
% Share
Engineering & Manufacturing
7%
IT-BPM
59%
Professional services
13%
Telecom & Media
21%
Grand Total
100%
The momentum has been supported by Kolkata’s strong talent pool across IT, consulting and accounting, prompting companies to locate operations closer to skilled workforce clusters. In recent years, the city has also attracted major global professional services firms setting up global delivery centres, alongside expansions by established IT-led GCCs, reinforcing confidence in operational continuity and talent availability.
In 2025, a total of seven GCC centres were leased in Kolkata, with an average deal size of approximately 72,626 sq. ft., highlighting a gradual shift towards more scalable and long-term occupier commitments. While rentals have firmed up in the post-Covid period, driven by higher demand in prime office corridors, office costs remain competitive compared to larger office markets, supporting Kolkata’s value proposition.
Limited availability of Grade A and A+ office stock has also led several GCCs to adopt flex and managed office formats, with the expanding footprint of leading flex operators helping facilitate near-term growth. In addition, increased state-level focus on GCCs, including the expected introduction of a dedicated GCC policy, is likely to provide further support to the city’s evolving GCC ecosystem. Notably, EMEA-headquartered companies accounted for 57% of GCC leasing activity in 2025, while US firms contributed 43%.
Santanu Ghosh, Executive Director & Head East – Tenant Representation, Cushman & Wakefield, said, “Kolkata is seeing a steady pickup in GCC activity, driven primarily by its domain-specific talent base and improving cost-to-value dynamics. The increase in leasing reflects growing comfort among global occupiers, particularly professional services and IT-led firms in establishing and scaling operations in the city. Competitive rentals, the rise of flex formats amid limited Grade A supply, and a supportive policy environment are collectively strengthening Kolkata’s positioning as a viable GCC location within multi-city strategies. Looking ahead, the supply pipeline for 2026 remains healthy, with around 1.5 MSF of new space expected to enter the market, which should be well aligned with the city’s evolving GCC demand.”
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