Kolkata sees 239% YoY rise in GCC leases: Report

Kolkata: The city saw a 239% year-on-year growth in global capability centre (GCC) gross leasing volume (GLV) to 0.5 million sqft (5 lakh sqft) in 2025 up from 0.1 million MSF (1.5 lakh sqft) in 2024, according to Cushman & Wakefield's latest office market data. The numbers reflect growing occupier interest in Kolkata as part of a broader evaluation of locations beyond traditional hubs.The global real estate consultant pointed out that while the absolute scale of GCC activity remains modest, the YoY rise highlights improving market depth, talent-led demand and increasing traction among global enterprises.
During the year, GCCs accounted for 30% of the city's total office leasing (1.7 MSF or 17 lakh square feet), a sharp rise from 9% in 2024.Sources close to the developments said some of the big deals of 2025 included Wipro, KPMG, BDO, StanChart, Accenture, Capgemini, Tata Steel and Linde.According to the study, this uptick came 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 GLV nationwide.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 and media (21%), professional services (13%) and engineering and manufacturing (7%)."The momentum was supported by Kolkata's strong talent pool across IT, consulting and accounting, prompting companies to locate operations closer to skilled workforce clusters," it stated.According to the study, in 2025, a total of seven GCCs 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.Santanu Ghosh, executive director & head (east) tenant representation, Cushman & Wakefield, said, "Kolkata is seeing a steady pick-up 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."Merlin Group MD Saket Mohta pointed out that while Bengaluru leads and commands the largest share of leasing by GCCs in India, Pune is coming up in a big way, and Merlin is already leasing 2 MSF the growth of GCC in the heart of Pune."Kolkata also has immense potential in the coming years and we are coming up with the World Trade Center, the first World Trade Center in Bengal," he added.Primarc Group director Siddharth Pansari said a lot of consultants and agencies are building capabilities in Kolkata, from where they are servicing different parts of the world. Some local companies are also setting up GCCs for their global operations and MNCs are also looking at GCCs here for South East Asia operations.Ravindra Chanaria, chairman of Infinity Group, one of the pioneers in real estate in Sector V, pointed out that in the next five years, at least 150 GCCs would come to India. "We need big space and policy support to attract them," he added.