GCCs Set to Dominate India's Office Space with 26 Million Sq Ft by 2027
Global Capacity Centres, Indian real estate, office space, Mumbai, property registrations
Global Capacity CentresIndian Real EstateOffice SpaceMumbaiProperty RegistrationsReal Estate MumbaiJul 25, 2024
In the dynamic landscape of global business, GCCs have evolved beyond traditional roles to become pivotal hubs of global strategy and local ingenuity. Shishir Baijal, Chairman and Managing Director of Knight Frank India, emphasized that GCCs have solidified India's position as a cornerstone of global GCC networks, emerging as unparalleled hubs of creativity and collaboration.
GCCs from IT/ITeS dominate the industry, followed by BFSI (Banking, Financial Services and Insurance) and Consulting sectors. Among the Indian cities, Mumbai leads in BFSI GCCs, while Bengaluru leads in IT/ITeS GCCs. Sameer Dhanrajani, CEO of 3Ai, noted that the future of GCCs in India is promising, with projections showing over 1,900 centres by 2025, employing around 2 million people.
The report highlighted that between 2018 and 2023, 5,349 GCC-focused office deals under 50,000 square feet were finalized across eight cities. Additionally, 790 deals (50,000-100,000 sq ft) in the medium segment and 528 deals (above 100,000 sq ft) were signed as part of larger deals.
Rahil Gibran, National Director, Occupier Strategy and Solutions, Bengaluru, Knight Frank India, emphasized that the development of new GCCs catering to the manufacturing sector has increased on a Year-on-Year basis, and the talent landscape mainly in the technology sector has evolved over the years to meet the growing demand of new GCCs.
The report highlights India as a pivotal GCC hub, alongside the US, Latin America, China, Europe, and APAC. India, the US, and China excel in talent acquisition ease, while India and APAC offer cost advantages. This makes India increasingly preferred for multinational corporations, especially US firms, expanding their global operations.
Frequently Asked Questions
What is the projected office space occupation by GCCs in India by 2027?
26 million square feet
Which city leads in BFSI GCCs in India?
Mumbai
What is the estimated number of GCCs in India by 2025?
Over 1,900 centres
Which sector dominates the GCC industry in India?
IT/ITeS
What is the advantage of India as a GCC hub?
Cost advantages and talent acquisition ease
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