GCCs to Dominate India's Commercial Real Estate in 2024
Global Capability Centres (GCCs) are expected to occupy 35% of India's commercial real estate by 2024, surpassing IT companies
GccsCommercial Real EstateIndiaKnight FrankEconomic GrowthReal Estate NewsJul 26, 2024
In contrast, information technology (IT) companies are expected to occupy around 16% of commercial real estate in India by 2024, a slight increase from 2022. The report, prepared in association with 3AI, highlights the growing importance of GCCs in driving India's economic growth.
GCCs have seen tremendous growth in recent years, both in terms of export revenue and employability potential. According to India's Economic Survey 2024, GCCs are expected to contribute around 3.5% of India's GDP by 2030, generating an estimated revenue of $121 billion. This growth is driven by the increasing demand for specialized services and the availability of skilled talent in India.
The report also highlights the growth of new GCCs catering to the manufacturing sector, which has increased on a year-on-year basis. The talent landscape in the technology sector has also evolved to meet the growing demand for new GCCs. According to Rahil Gibran, National Director, Occupier Strategy and Solutions, Bengaluru, Knight Frank India,
Frequently Asked Questions
What percentage of commercial real estate in India will GCCs occupy by 2024?
According to the report by Knight Frank, GCCs will occupy around 35% of all commercial real estate in India by 2024.
What is the expected contribution of GCCs to India's GDP by 2030?
GCCs are expected to contribute around 3.5% of India's GDP by 2030, generating an estimated revenue of $121 billion.
What is driving the growth of GCCs in India?
The growth of GCCs is driven by the increasing demand for specialized services and the availability of skilled talent in India.
Which city leads with the highest percentage of GCCs under the BFSI sector?
Mumbai leads with the highest percentage of GCCs under the BFSI sector.
What percentage of GCCs in India are currently servicing international-facing clients?
Around 80% of the GCCs in India are currently servicing international-facing clients.
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