GCCs Transforming India’s Office Landscape

India's abundant skilled workforce and favourable business environment have driven global firms to actively establish and expand their global capability centre (GCC) operations. Notably, office leasing by GCCs surged to an impressive 29.2 million sq. ft. in 2024, marking a 29% year-over-year expansion. Bengaluru and Hyderabad stood at the forefront of this growth, solidifying their positions as preeminent destinations for multinational corporations.

·        BFSI and Technology firms led space absorption by GCCs in 2024, accounting for a share of 22% each, followed by engineering and manufacturing (14%) and life sciences (13%) companies.  

·        U.S. companies, with a 64% share in space take-up, were the primary drivers of India’s GCC growth, while leasing from non-U.S. firms also gained momentum during the year.

·        Global corporates displayed a growing inclination towards newer, green-certified integrated tech parks for their GCC setups.

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