Tag: GCCs in India

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GCCs Could Represent 50% of India’s Office Demand: Report

BENGALURU: Global Capability Centres (GCCs) are set to account for up to 50% of the demand for grade-A office space in India’s top seven cities over the coming years. Annual leasing by GCCs is projected to reach 35–40 million sq ft, as per a recent report by Colliers India. The report indicates that GCCs have absorbed approximately 117 million sq ft of office space since 2020, which amounts to 38% of the total 310 million sq ft leased during this time. Their share in overall leasing has climbed from under 30% a few years ago to an expected 40% by…

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India to Host 2,400 GCCs by 2030, Market to Reach $110B

NEW DELHI: According to a joint report by FICCI and Anarock, India is expected to have over 2,400 Global Capability Centers (GCCs) by 2030, employing more than 2.8 million professionals. As of the end of 2024, there were already over 1,700 GCCs employing around 1.9 million professionals. The GCC market size is forecasted to grow from USD 64 billion in 2024 to between USD 105 billion and USD 110 billion by 2030. Anuj Puri, chairman of Anarock Group, stated, “India’s GCC landscape has rapidly expanded, with the market size increasing from USD 30 billion in 2019 to approximately USD 64…

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Report: India Office Leasing Reaches 86.4 Million Sq Ft by 2025

NEW DELHI: India’s office market achieved a remarkable milestone in 2025, with gross leasing volumes soaring to an unprecedented 86.4 million sq ft, reflecting a 20% year-on-year increase, as reported by Knight Frank India. The annual leasing volume not only surpassed the previous high recorded in 2024 but also exceeded the pre-pandemic figure from 2019 by 43%. Bengaluru retained its status as the nation’s largest office market, with 28.7 million sq ft leased, marking an impressive 59% year-on-year growth. Following Bengaluru were Hyderabad (11.4 million sq ft), Delhi NCR (11.3 million sq ft), Pune (10.8 million sq ft), and Chennai…

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Flexible Workspace Stock to Exceed 100M Sq Ft by 2027

Representative AI image NEW DELHI: India’s flexible workspace market is poised for significant growth over the next two to three years. Flex office space across the top seven cities is expected to exceed 100 million sq ft by 2027, rising from 72.3 million sq ft in 2025, as reported by Colliers India. As operators continue to expand, the percentage of flex space in the overall office market is projected to increase from 8.5% in 2025 to 10.5% by 2027. This growth will be fueled by rising enterprise demand, with the average annual seat uptake anticipated to grow by 25% to…

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JPMorgan Chase leases 176,000 sq ft office in Hyderabad

Representative Image BENGALURU: JPMorgan Chase has sub-leased a 176,000 sq ft facility in Hyderabad, marking another significant deal by the US financial services giant to secure office space in India’s major talent and technology hubs to enhance its global operations. This transaction is one of the largest by a financial services company in Hyderabad this year, underscoring JPMorgan’s ongoing commitment to India’s global capability centre (GCC) ecosystem. The space, located in Skyview 20, an office tower in Madhapur, has been rented under a general service agreement between JP Morgan Services and WeWork India Management, as per lease documents acquired from…

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Lower Fitout Costs Drive Office Leasing Growth

Representative Image NEW DELHI: India’s cost advantage, not only in office rent but also in fitout expenses, has led to record-breaking office leasing despite global uncertainties. Average fitout costs in major cities like Mumbai, Delhi, and Bengaluru stand at $75 per sq ft, among the lowest worldwide. In comparison, leading global markets often see fitout costs surpassing $150 per sq ft, excluding furniture and technology. “India is not merely a low-cost locale; it represents a high-value marketplace. The capacity to deliver world-class workplaces at competitive prices continues to drive leasing momentum, especially as Global Capability Centers (GCCs) expand and consolidate…

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India office absorption reaches 59.6M sq ft in 9M 2025: Report

NEW DELHI: India’s office market achieved a record high in absorption during the first three quarters of 2025, with gross leasing reaching 59.6 million sq ft, marking the largest volume for this period, according to a recent report from CBRE South Asia. The report indicates that technology firms, Global Capability Centres (GCCs), flexible workspace providers, and BFSI companies were the primary occupiers, collectively accounting for around 60% of total leasing. “Looking ahead, continued leasing in premium assets is projected to compress vacancies, prompting occupiers to explore peripheral locations, driven by a surge in high-grade supply,” stated Anshuman Magazine, Chairman &…

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Eaton Technologies Secures 1.5 Lakh Sq Ft Lease in Pune

Representative image Eaton Technologies, the Indian subsidiary of global intelligent power management firm Eaton Corporation, has secured over 150,000 sq ft of office space in an IT park located in Pune’s Baner area through a 10-year long-term lease. The transaction is expected to incur an estimated rental expense exceeding Rs 250 crore for the duration of the lease, with an option to lease an additional 47,000 sq ft in the same complex. The company is set to establish its Global Capability Center (GCC) at this location. This deal aligns with the increasing trend of multinational corporations committing to large office…

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GCCs Hold 42% of India’s Office Leasing in FY25: Report

AI-generated image (representative) NEW DELHI: Global Capability Centres (GCCs) have solidified their role in India’s office leasing landscape for FY25, contributing to 42% of total office space absorption nationwide, a slight increase from 41% the previous year, as reported by Vestian, a real estate consultancy firm. During the fiscal year, GCCs leased 31.8 million sq ft of office space, marking a substantial 24% growth year-on-year. Despite a 4% drop in the number of GCC transactions to 305 deals, the average leased area per transaction has increased, indicating a shift towards larger office spaces and long-term expansion plans. The report notes…

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US Firms Account for 33% of Office Demand in India’s Top 7 Cities

NEW DELHI: US companies have leased 64.5 million square feet of office space in India from 2022 to 2024 across seven major cities, accounting for more than one-third of total workspace leasing, according to JLL India. Data from real estate consultant JLL India shows that the total gross leasing of office space during the 2022-2024 period reached 190 million sq ft across Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, and Pune. Of this, US firms rented 64.5 million sq ft of office space primarily to establish their Global Capability Centers (GCCs). Approximately 70% of the office space rented was for setting…