Global Capability Centres (GCCs) drove record-breaking office leasing activity in India, accounting for 36 percent of the total 77.2 million square feet leased in 2024, according to a report released on Wednesday.
GCCs are fully owned and integrated hubs typically established in talent-rich locations to build significant value and intellectual property (IP) using collaborative, distributed teams.
GCCs alone leased 28 million square feet last year, marking a historic high and a 15.2 percent increase, further solidifying their dominance in India’s commercial real estate sector.
As of December 2024, India had over 1,950 GCC units, with projections indicating this number will exceed 2,500 in the next three to four years. Bengaluru remains the epicenter of this growth, playing a key role in shaping the country’s office market, according to the JLL report.
Leasing activity across the top seven cities surged to an all-time high of 77.2 million square feet in 2024, reflecting a 22.6 percent year-on-year growth from 63 million square feet in 2023.
GCCs, a driving force behind this expansion, have accounted for 40 percent of total office leasing activity between 2016 and 2024, underscoring their significance in India’s evolving corporate landscape.
“This trend reinforces India’s position as the ‘office to the world’ and highlights a strong trajectory for sustained economic expansion and innovation in the coming years,” said Dr. Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.
Bengaluru continues to lead as India’s premier GCC hub, leveraging its well-established ecosystem to attract further investments and workforce expansion. In 2024, the city captured 47 percent of total GCC leasing demand nationwide, reaffirming its leadership in the sector.
Hyderabad has also emerged as a strong contender, positioning itself as a strategic expansion destination for global firms. Meanwhile, Chennai has recorded the highest growth in GCC activity over the past three years, driven by its thriving talent and innovation ecosystem.
“Momentum remained strong in Delhi NCR and Pune as well. The expansion of GCCs across key cities underscores their deep understanding of India’s tech landscape and their strategic approach to talent acquisition,” the report noted.
(IANS)