GCC boom reflects India's evolution from tech support hub to global innovation powerhouse

India's office market continues to shine brightly, setting new highs aligned with a period of sustained growth and momentum.

- RITWIK MUKHERJEE

Leasing activity since 2022 is nearly 230 million sq. ft, with each successive year higher than the last, highlighting the growth trajectory that the sector is charting. These numbers are higher than the cumulative figures for the previous two five-year periods, clearly signaling that the market has entered a phase of sustained growth, building on its strong legacy of being the world's tech offshoring ecosystem to becoming the R&D capital globally. At the epicenter of this extraordinary boom are Global Capability Centers (GCCs), a powerhouse occupier segment that continues to shape India's commercial landscape.

GCCs have become a defining feature of India's real estate landscape, now occupying more than one-third of all Grade A office space across the country. This positions GCCs as the dominant occupier group by physical footprint, underscoring their crucial contribution to India's robust office market performance.

Their substantial presence further validates India's globally recognized status as a premier office destination.