Tag: Global Capability Centres

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India Office Leasing Up 10% to 21.6M Sq Ft in Q1 2026

NEW DELHI: India’s office market achieved a gross absorption of 21.6 million sq ft across six major cities in the January-March quarter of 2026, reflecting a 10% year-on-year increase, as reported by Savills India. This growth comes against a backdrop of global economic uncertainties. The quarter also saw a 28% year-on-year decline in new supply, totaling 7.9 million sq ft, which contributed to a decrease in overall vacancy rates to 13.9% amid consistent leasing activity. The robust beginning of the year positions the total office demand for 2026 at an estimated 75 million sq ft, while supply is anticipated to…

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GCC Leasing Reaches Record 9.1M Sq Ft in Q1 2026

NEW DELHI: India’s office market achieved its best first quarter ever, with gross leasing reaching approximately 20.7 million sq ft in Q1 2026, a 5% increase year-on-year. This growth was primarily fueled by unprecedented demand from Global Capability Centres (GCCs), as reported by CBRE. During this quarter, GCCs occupied 9.1 million sq ft, representing 44% of the total office leasing. Bengaluru and Hyderabad emerged as leading GCC hubs, contributing 48% and 19% of the demand, respectively, while Delhi-NCR accounted for 14%. Bengaluru continued to lead in office leasing with a 29% share, followed by Delhi-NCR at 22% and Mumbai at…

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Apple Expands Hyderabad Office to 6.3 Lakh Sq Ft at WaveRock

BENGALURU: Apple India has signed a new office lease for over 65,000 square feet at the WaveRock IT campus in Hyderabad’s Financial District. This brings its total area in the Xander-owned property to nearly 630,000 square feet, according to documents obtained by the publication. The recent lease covers 65,168 square feet and was finalized earlier this week between Apple India Private Limited and TSI Business Parks (Hyderabad) Private Limited, the landlord of WaveRock. This follows a previous lease of 64,125 square feet signed in July 2025, resulting in an overall expansion of approximately 130,000 square feet for Apple in 2025.…

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GCCs to Drive 45% of Office Space Absorption in 2025

NEW DELHI: In 2025, Global Capability Centres (GCCs) became the primary demand driver in India’s office sector, representing 45% of total leasing, up from 41% the previous year, as per a report by Vestian. Office spaces occupied by GCCs increased to 34.9 million sq ft in 2025, reflecting a 20% year-on-year growth. This surge was fueled by robust demand from GCCs, bolstered by favorable policy conditions in India and tightened work visa regulations in key international markets. Consequently, overall office absorption in India reached a record 78.2 million sq ft, an 11% increase compared to 2024, despite global economic and…

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UP Announces Subsidy Guidelines to Attract GCCs

LUCKNOW: The Yogi Adityanath government aims to position Uttar Pradesh as a prime destination for Global Capability Centres (GCCs) by announcing comprehensive standard operating procedures (SOPs). These SOPs, recently approved by the state cabinet, outline regional incentives to promote balanced industrial growth across the state. Under this initiative, GCCs establishing operations in Gautam Budh Nagar and Ghaziabad can benefit from a 30% land subsidy on purchases from government agencies. In other parts of Paschimanchal (excluding the aforementioned areas) and the Madhyanchal region, a 40% subsidy is available. To encourage investment in less developed regions, the state offers subsidies of up…

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India’s Office Leasing Surpasses 70 Million Sq Ft in 2025

NEW DELHI: India’s office market maintained its growth trajectory in 2025, achieving over 70 million sq ft in Grade A office leasing across the top seven cities for the first time. This surge was fueled by a robust year-end push and sustained confidence from occupiers, as reported by Colliers India. During the year, total office leasing reached around 71.5 million sq ft, reflecting a 6% increase from the previous year. The final quarter was particularly significant, with quarterly demand surpassing 20 million sq ft, a 20% rise from the previous quarter, driven by substantial deal closures and expansion efforts. Bengaluru…

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Odisha Approves Policy to Become GCC Hub

BHUBANESWAR: The Odisha government has recently approved a policy aimed at transforming the state into a hub for Global Capability Centres (GCCs) through a range of incentives, an official reported. A GCC is a facility set up by multinational companies to centralize and handle essential business operations such as IT, research and development, and finance. A cabinet meeting led by Chief Minister Mohan Charan Majhi approved 12 proposals from nine departments, including the Odisha Global Capability Centre (GCC) Policy 2025, as stated by Chief Secretary Manoj Ahuja. The new policy seeks to attract major multinational firms to set up and…

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Mindspace REIT to invest ₹4,185 crore in expansion

NEW DELHI: Mindspace Business Parks REIT plans to invest over ₹4,185 crore in capital expenditures for its ongoing projects from FY26 to FY28, targeting double-digit growth in net operating income (NOI) and net distributable cash flow (NDCF). The company, boasting an under-construction portfolio of 15 million sq ft and completed assets totaling 31 million sq ft, aims to bolster its presence in key cities—Hyderabad, Mumbai, Pune, and Chennai—while also branching out into data centres, hospitality, and mixed-use assets to diversify its revenue streams, as per Ramesh Nair, CEO & MD, in an exclusive interview. Below are edited excerpts: How has…

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GCCs to Lease 50-55 Million Sq Ft in FY26-FY27: ICRA

Representative image NEW DELHI: ICRA, a leading rating agency, anticipates that global capability centres (GCCs) will lease an additional 50-55 million square feet of Grade A office space during FY26-FY27, which could account for 38-40% of overall office demand in the top six markets: Bengaluru, Chennai, National Capital Region (NCR), Hyderabad, Mumbai Metropolitan Region (MMR), and Pune. Furthermore, ICRA predicts that the number of GCCs will increase from about 1,700 currently to over 2,500 by 2030, generating upwards of $100 billion in revenue and expanding workforce capacity by 1.5-2.0 times. The rapid growth of GCCs has become a significant growth…

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Andhra Pradesh Forms Council to Attract GCCs

VIJAYAWADA: The Andhra Pradesh government has taken significant steps to establish the state as a prominent hub for Global Capability Centres (GCCs) by forming a comprehensive GCC advisory council. This initiative gathers CXOs from global companies, influential industry bodies like NASSCOM, business councils, consulting experts, real estate developers, and renowned academic institutions. The aim is to invigorate GCC investments and elevate AP’s status as a leader in the digital economy. IT, electronics, and HRD minister Nara Lokesh will lead the advisory council. GCCs serve as strategic units for multinational corporations, handling functions such as R&D, IT, finance, procurement, and customer…