Bangalore remains frontrunner in GCC office leasing, followed by Hyderabad Chennai
Bengaluru: Global Capability Centers (GCCs) in India have leased approximately 53 million square feet of office space in key Indian cities between 2022 and the first half of 2024, such as a highly skilled workforce, cost advantages, and favourable business conditions, according to CBRE and Zyoin's latest report.
This growth is expected to continue, especially in India's top six metropolitan areas like Bengaluru, Hyderabad, Chennai, Pune, Delhi-NCR, and Mumbai, due to factors which boast exceptional talent pools that are conducive to expansion and future development.
In the first half of 2024, office leasing activity in the GCC (Gulf Cooperation Council) region across six significant cities increased 8% year-on-year. During the same period, GCCs contributed to around 37% of India's total office leasing activity.
The share of Banking, Financial Services, and Insurance (BFSI) GCCs rose to 22% in H1 CY 2024, attributed to significant leases from global banking and insurance firms in Mumbai, Bangalore, and Pune. Over the past two-and-a-half years (2022-H1 2024), technology companies have leased approximately 15 million square feet of office space. Technology and BFSI corporates have traditionally been the primary office space occupiers in the GCC region.
However, niche firms, including hedge funds and private equity firms, are expanding, recognising the strength of India’s talent. Engineering and manufacturing (E&M) companies are expanding their footprint in India, which is likely influenced by supply chain
