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Kolkata witnessed a sharp 239 per cent year-on-year rise in Global Capability Centre (GCC) leasing in 2025, according to property consultancy Cushman & Wakefield. GCC gross leasing in the city increased to 0.51 million square feet (MSF) in 2025 from 0.15 MSF in 2024. GCCs accounted for 30 per cent of Kolkata's total office leasing of 1.71 MSF during the year, up from 9 per cent in the previous year. While overall volumes remain modest compared to record pan-India GCC leasing of 29.3 MSF in 2025, the data signals strengthening market depth and rising talent-driven demand. IT-BPM firms led sectoral demand, and EMEA-headquartered companies emerged as the primary occupiers.
Kolkata recorded a robust 239 per cent year-on-year growth in Global Capability Centre (GCC) leasing in 2025, reflecting growing traction in the city's office market, according to the latest data released by Cushman & Wakefield. Advertisement
GCC gross leasing volume in the city rose to 0.51 million square feet (MSF) in 2025, compared with 0.15 MSF in 2024. GCCs are offshore units established by companies to deliver a range of services to their parent organisations, often spanning IT services, finance, analytics, engineering and back-office operations.
The sharp rise in leasing activity resulted in GCCs accounting for 30 per cent of Kolkata's total office leasing of 1.71 MSF during the year. This marks a significant increase from their 9 per cent share in 2024, indicating a growing role for GCC occupiers in the city's commercial real estate landscape.
Although the absolute scale of activity in Kolkata remains relatively modest compared to national figures with pan-India GCC leasing reaching a record 29.3 MSF in 2025 the growth underscores improving market depth and increasing confidence among global firms in the city's talent ecosystem.
Santanu Ghosh, Executive Director and Head East Tenant Representation at Cushman & Wakefield, said Kolkata is witnessing a steady pickup in GCC activity, driven largely by its domain-specific talent base and improving cost-to-value dynamics. The city's competitive rentals and operational costs continue to make it an attractive alternative to more saturated Tier-I office markets.
Sector-wise, IT-BPM firms emerged as the dominant drivers of demand, accounting for 59 per cent of total GCC leasing activity in the city. Telecom and Media companies followed with a 21 per cent share, while Professional Services accounted for 13 per cent. Engineering and Manufacturing firms contributed the remaining 7 per cent, reflecting diversified interest across industries.
In terms of geographic origin, companies headquartered in the Europe, Middle East and Africa (EMEA) region led leasing activity, contributing 57 per cent of total transactions. US-based firms accounted for the remaining 43 per cent, highlighting balanced participation from global markets.
During 2025, a total of seven GCC centres were leased in Kolkata, with an average deal size of approximately 72,626 square feet. The report noted that this suggests a gradual shift toward more scalable and long-term commitments by occupiers.
Looking ahead, the supply outlook appears supportive. Around 1.5 MSF of new office space is expected to enter the market in 2026, which is likely to align well with evolving GCC demand. The anticipated introduction of a dedicated state-level GCC policy is also expected to further strengthen the city's positioning as an emerging GCC destination.
Source - PTI
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