Leasing by Global Capability Centres in India 

Global Capability Centres (GCC) https://www.ey.com/en_in/consulting/global-capability-centers are making huge strides in india with office space leasing by such offshore units of multinational firms increasing by 17 percent year-on-year to 22.5 million square feet in 2023-2024. The growth during April 2023-March 2024 was primarily driven by key sectors such as Engineering and Manufacturing, BFSI (Banking, Financial Services, and Insurance) and Technology sectors https://www.rsm.global/india/service/banking-financial-services-and-insurance-bfsi . In January-March 2024, GCCs had a 29 percent share of the total office space leased in India.  

Around 60 percent of the total GCC leasing in January-March 2024 was in Bengaluru followed by Hyderabad (26 percent) and Delhi NCR (9 percent). Mumbai and Pune contributed 4 percent and 1 percent each during the quarter.

GCC sector saw a 30-35 percent share of total office leasing in India in the 2017-2019 period with over 1,250 operational GCCs. Between 2020 and 2022, GCCs accounted for 38–43 percent of the total office space leasing, housing over 1,580 operating GCCs with a talent pool of 1.66 million as of 2022. India is expected to host over 1,900 GCCs by 2025 with a professional talent pool that exceeds 2 million.

The report stated that major global players in sectors like BFSI, technology, and engineering and manufacturing (E&M) are anticipated to grow their GCC presence in India. 

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