NEW DELHI: Leasing by Global Capability Centre (GCC) increased by ~17% year-on-year in FY 2023-24 compared to FY 2022-23, according to a recent report by CBRE South Asia.
The leasing by GCC’s in the country stood at 22.5 million sq ft in FY24 as compared to 19.2 million sq ft in FY23.
In Jan-Mar 2024, GCCs leased ~ 29% of the total office space leased in India. Notably, the total leasing in the GCC segment stood at 4.2 million sq ft in Q4 FY24. Among these GCCs, Engineering and Manufacturing (E&M) companies accounted for over a quarter of the space, with automobile firms following closely behind.
Between 2020-2022 period, GCCs accounted for 38–43% of the total leasing, housing over 1,580 operating GCCs with a talent pool of 1.66 million as of 2022. CBRE anticipates that during 2023-2025 period, the GCCs will account for a significant 35–40% of the total office leasing. Moreover, India has been a leader in the growth of GCCs, expected to host over 1,900 GCCs by 2025 with a professional talent pool that exceeds 2 million.
As occupiers increasingly prioritize quality, they will seek out office buildings that provide not only superior infrastructure but also tailored and engaging workplace environments. This trend, coupled with improving office occupancies and the evolution of work patterns, will lead to a heightened focus on investing in high-quality office spaces that meet the changing needs of GCCs, according to CBRE.
