53 million square feet of space leased in the past two and a half years
Bengaluru and Hyderabad in the top two positions
The surge of Global Capability Centres (GCCs) in India continues. Between 2022 and the first half of 2024, GCCs leased 53 million square feet of space. According to a report released jointly by real estate consultancy firm CBRE and hiring solutions group Zoylo, GCCs leased this space in cities such as Bangalore, Hyderabad, Chennai, Pune, Delhi, and Mumbai. The report indicates that GCCs account for 37% of all office space leased across the country. It also notes that the share of Banking, Financial Services, and Insurance (BFSI) has increased to 22%. The report reveals that technology companies leased 15 million square feet of office space in the past two and a half years. Bengaluru leads in GCC office leasing, followed by Hyderabad and Chennai. From January to June 2024, GCC leasing activities in the six major cities of the country increased by 8% on an annual basis.
Looking at the cities individually, Bengaluru has maintained the leading position in the GCC leasing market in the country with a 40% share from 2022 to June 2024. During this period, GCCs leased 21.2 million square feet of space in Bengaluru. Hyderabad follows with a 21% share, with 11.13 million square feet of leasing recorded over the same two-and-a-half-year period. Chennai saw 7.42 million square feet of leasing, while Pune had 6.36 million square feet. In Delhi, GCCs leased 4.77 million square feet of office space, and in Mumbai, it was 2.12 million square feet.
Given the digital transformation that GCCs are currently undergoing, they have become an essential component for any forward-thinking international organisation, according to Anshuman Magazine, Chairman and CEO of CBRE India. He commented, “India’s abundant tech and non-tech talent pool is becoming a global solution. The expansion of Indian GCCs into life sciences, automobiles, and aerospace sectors will make the future more diverse. India is poised to lead the next wave of globalization with a strategic roadmap for GCC growth.”
