The variety of International Functionality Centres (GCCs) in India is predicted to exceed 2,500 throughout the subsequent three to 4 years, up from the present 1,950, in line with a report by JLL, a world business actual property and funding administration agency.
As of December 2024, GCCs accounted for over one-third of the occupied workplace house in India’s high seven markets. Nonetheless, the sector nonetheless has important room for progress, with 70% of International 500 firms (excluding these headquartered in India) but to determine operations within the nation, the report famous.
The surge in GCCs aligns with a record-breaking 77.2 million sq ft of workplace leasing exercise in 2024, marking a 22.6% year-on-year enhance from 2023’s historic excessive of 63 million sq ft.
From 2016 to 2024, these centres contributed 40% of the whole workplace leasing exercise, with 2024 alone seeing GCCs lease 28 million sq. ft—an all-time excessive and a 15.2% rise from the earlier yr.
Bengaluru continues to dominate as India’s major GCC hub, capturing 47% of whole GCC leasing demand in 2024. Hyderabad has emerged as a robust competitor, whereas Chennai has recorded the quickest progress up to now three years. Delhi NCR and Pune additionally maintained regular momentum.
Different Stories Present Comparable Numbers
That is just like ANSR’s Q3 GCC report, one in every of India’s main GCC enablers, which highlights India’s ascension as a world hub for GCCs. Over 450 Forbes International 2000 firms function 825+ GCCs throughout the nation, using greater than 1.3 million professionals.
The report predicts that by 2030, India might host 620+ extra GCCs, representing over 32% of Forbes International 2000 enterprises.
India’s workplace market shattered information in 2024, with GCCs taking part in a pivotal position in attaining historic leasing ranges. In line with a report by CBRE, the yr noticed a gross absorption of 79.0 million sq ft, a 16% YoY progress.
GCCs accounted for 37% of the whole workplace leasing exercise in 2024, solidifying their significance in India’s business actual property market. BFSI companies and expertise firms contributed 44% of GCC leasing, showcasing their integral position within the workplace sector’s progress.
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