Real Estate Pune

Surge in Leasing by Global Capability Centres in IndiA: A 17% Rise in FY2023-24

By GeoSquare News Desk · Published 2024-05-28

The Indian office space market has witnessed a remarkable surge in leasing by Global Capability Centres (GCCs) in FY2023-24. According to a recent report, the leasing of office spaces by GCCs has increased by 17% year-over-year, recording 22.5 million square feet. This significant rise is attributed to the growing demand for office spaces in major cities such as Bengaluru, Hyderabad, and Delhi NCR.

The report highlights that Bengaluru accounts for around 60% of the total GCC leasing share in January-March 2024, followed by Hyderabad (26%) and Delhi NCR (9%). Mumbai and Pune contributed 4% and 1% each to the total leasing share.

This surge in leasing by GCCs is a testament to the increasing presence of global companies in India, driving the demand for quality office spaces. The growth of GCCs in India is expected to continue, driven by factors such as cost savings, access to skilled talent, and favourable business environment.

Global Capability Centres (GCCs) are centralized units that provide support to global companies in areas such as technology, finance, and human resources. These centres are set up in regions with favourable business environments, skilled talent, and cost savings. India has emerged as a preferred destination for GCCs, with many global companies setting up their centres in the country.

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