GCCs to Dominate 35% of India's Commercial Real Estate by 2024
Mumbai and Bengaluru remain key hubs, with 80% of GCCs catering to international clients, highlighting India's strategic significance in the global business landscape.
GccsCommercial Real EstateIndiaMumbaiBengaluruItitesBfsiConsultingReal Estate MumbaiAug 07, 2024
According to a recent report by Knight Frank, the expansion of GCCs reflects their growing role in India's economy. The Economic Survey 2024 projects that by 2030, these centres will contribute approximately 3.5% to the country's GDP, generating around USD 121 billion.
The growth of GCCs is fueled by a surge in centres catering to the manufacturing sector and a maturing technology talent pool. By the end of 2024, GCCs are expected to absorb 21.83 million square feet of office space, out of a total of 70 million square feet absorbed by all Indian companies.
The report also highlights that the IT/ITeS sector leads in GCC presence, followed by BFSI and consulting sectors. In terms of geographical distribution, Mumbai is a major hub for BFSI GCCs, while Bengaluru leads for IT/ITeS. Notably, about 80% of India's GCCs serve international clients, underlining the country's strategic position in the global business landscape.
India's rapid GDP growth, coupled with its strong infrastructure and skilled workforce, continues to attract global businesses. As GCCs expand their footprint, they are set to further enhance India's reputation as a key player in the global business ecosystem.
The rise of GCCs is a testament to India's growing importance in the global business landscape. With its highly skilled workforce, robust infrastructure, and business-friendly policies, India is poised to become a hub for global businesses.
The Knight Frank report highlights the growing significance of GCCs in India's economy. With their expected contribution to GDP and job creation, GCCs are set to play a crucial role in driving India's economic growth.
The growth of GCCs is also driving innovation and efficiency in Indian businesses. By leveraging the expertise of global companies, Indian businesses can improve their competitiveness and tap into new markets.
In conclusion, the expansion of GCCs in India is a significant trend that is set to shape the country's commercial real estate market. With their growing presence, GCCs are poised to drive innovation, efficiency, and economic growth in India.
Frequently Asked Questions
What is the expected percentage of commercial real estate controlled by GCCs in India by 2024?
35%
What is the projected contribution of GCCs to India's GDP by 2030?
3.5%
Which sectors lead in GCC presence in India?
IT/ITeS, BFSI, and consulting
What is the expected absorption of office space by GCCs in India by 2024?
21.83 million square feet
What percentage of India's GCCs serve international clients?
80%
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