India's GCC to surpass 300m sqft office space leasing in 3-4 years

India is the most mature market for Global Capability Centres (GCCs), with 44 per cent of GCCs transitioning to take on end-to-end portfolio ownership, drive innovation and peer collaboration with global roles.

- 

Initially set up to save costs and help organisations with their business functions, Global Capability Centres (GCCs) have significantly made their presence felt in India.

Today, the country is home to over 1,950 such centres established by top multinational corporations, to serve the global and regional market with more efficiency, according to JLL survey.

According to the JLL survey, there are 245+ million sq ft Grade A stock occupied by GCCs in the top 7 cities, ~75 per cent combined share of manufacturing, IT/ITES & BFSI. 71 per cent of all GCC demand since 2018 has been from US-headquartered firms. 40 per cent of overall office leasing activity accounted for by GCCs between 2018-2024.

Global Capability Centres are set to surpass 300 million sqft in the next 3-4 years, driven by new entries and expansions. 100+ GCCs entered India in the last two years alone. 28 million sq ft of leasing by GCCs in 2024 has been reported, highest ever in a year. The 3/4th share of Bengaluru, Hyderabad and Chennai in space leased by Global Capability Centres in last two years. 75 per cent combined share of manufacturing, IT/ITES & BFSI 71 per cent of all GCC demand since 2018