New Delhi, Feb 24 (IANS) The growing presence of GCCs (global capability centres) of multinational companies in India’s top 7 cities now accounts for as much as 37 per cent of the office space market in the country, according to a report released by real estate consultancy Anarock on Monday.
“While the top 7 Indian cities are currently on the radar of these companies for leasing, the government’s recent support offered in the Union Budget 2025-26 to help states attract more GCCs, is likely to also propel demand in Tier 2 and 3 cities,” the report states.
Anarock research data of Indian office markets shows that the top 7 cities witnessed gross leasing of over 141.43 million square feet in the last two years – 2023 and 2024. Of this, GCCs alone leased about 52.88 million square feet of office space, comprising an over 37 per cent share in total.
Bengaluru remained on top with approx. 24 million square feet of gross office space leased in the city in the last two years, comprising a significant 46 per cent overall share.
Hyderabad was at a distant second with over 10.06 million square feet of gross office space leased by the GCCs in the said period, comprising nearly 19 per cent total share among the top 7 cities, according to the report.
The gross leasing by GCCs in 2023 across the top 7 cities stood at approx. 24.5 million square feet, which increased to 28.38 million square feet in 2024, a 16 per cent yearly jump, according to the report.
Incremental hiring across GCCs is anticipated to create additional demand of 200-225 million square feet of office demand by 2030, it further states.
The city-wise figures show that In Chennai, GCCs leased nearly 3.29 million square feet in 2024, thereby seeing a 64 per cent annual rise. In Pune, GCCs leased about a total of 3.18 million square feet during the year, thereby recording a 52 per cent annual increase.
In NCR, nearly 2.59 million square feet were leased in 2024, thereby increasing by 4 per cent on a yearly basis while in Mumbai, the leasing during 2024 was 1.62 million square feet which represented a 35 per cent annual rise, while in the case of Kolkata, GCCs saw merely 0.15 million square feet space leased during the year.
Peush Jain, MD, Commercial Leasing at Anarock, said: “India’s rising economic influence in the last two to three years has boosted the confidence of GCCs and attracted them to key markets in the country including Bengaluru, Mumbai, Hyderabad, Pune and Chennai. Interestingly, unlike the pre-Covid period (when most of these GCCs were largely eyeing the IT/ITeS and BFSI sectors), their focus is now shifting to other sectors including engineering and manufacturing.”
This is due to various factors including the growing prominence of India as a global economic hub, the government’s incessant focus on the ‘Make in India’ initiative and other policies, overall improved infrastructure and boosted connectivity via airports, highways and railways, he added.
–IANS
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