Latest news with #GCCs'
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Business Standard
23-05-2025
- Business
- Business Standard
Cushman looks to deploy Rs 3,000 crore for 'offices of the future'
Jain explained that the GCCs' increased leasing in India has to do with the quality of talent, skill availability, and the possible cost arbitrage in India Mumbai Listen to This Article US-based commercial real estate services firm Cushman & Wakefield, in a joint venture with wealth management firm Nuvama, will focus on Grade-A+ office spaces across key Indian cities for the deployment of its first office fund of ₹3,000 crore. The fund will focus on Grade-A+ 'offices of the future' across key micro-markets in the National Capital Region (NCR), Bengaluru, Pune, Mumbai, Chennai, and Hyderabad. It aims to offer opportunities to investors in the Indian commercial real estate sector, a market historically dominated by global players. Anshul Jain, chief executive-India, Southeast Asia, and APAC tenant representation, Cushman & Wakefield said: 'We
Hans India
21-05-2025
- Business
- Hans India
Southern cities dominate GCC leasing space
Hyderabad: Global Capability Centres (GCCs) have been ramping up their presence on India's commercial real estate landscape in the last few years, with government initiatives announced in the Union Budget further accelerating this trend. The top cities are witnessing escalating demand from both new GCC entrants and those expanding their existing operations. Latest ANAROCK data shows the top southern cities – Bengaluru, Hyderabad, and Chennai - dominating GCC office space leasing in Q1 2025 with a 64% overall share. Approx. 8.35 Mn sq. ft. gross office space has been leased by GCCs in Q1 2025 across the top 7 cities. According to Peush Jain, MD - Commercial Leasing & Advisory, ANAROCK Group, says, 'Of the gross office space leasing of 19.47 Mn sq. ft. recorded in the top 7 cities in Q1, GCCs accounted for about 8.35 Mn sq. ft. - a 43% overall share. In Q1 2024, they had leased about 4.87 Mn sq. ft. In short, there has been a 72% annual jump in their office space absorption.''In retrospect, ANAROCK data of Indian office markets indicates that the top 7 cities saw gross leasing of over 141.43 Mn sq. ft. of office space in the last two years – 2023 and 2024. Of this, GCCs alone leased about 52.88 Mn sq. ft., accounting for a share of over 37% share,' he adds. 'Driven by India's rising economic influence over the last two to three years, GCCs are deploying not just in the top 7 cities but also in various Tier 2 & 3 cities, including Ahmedabad, Kochi, and Coimbatore,' says Peush Jain. Unlike in the pre-Covid period, when most of them were largely eyeing the IT/ITeS and BFSI sectors, GCCs' focus is now spreading out into other sectors including manufacturing and industrial. A significant share of Indian GCCs is headquartered in the US, followed by Europe and the Middle East. 'ANAROCK data shows that out of 28.23 Mn sq. ft. office space leased by GCCs in 2024 in the top 7 cities, 65% were headquartered in the US, followed by 28% in Europe and the Middle East, and just 7% in the Asia-Pacific (APAC) region,' says Jain.
Hans India
20-05-2025
- Business
- Hans India
Hyderabad Among Top GCC Leasing Cities in Q1 2025: ANAROCK
Global Capability Centres (GCCs) continue to influence India's commercial real estate segment, with Hyderabad playing a significant role in leasing activity during the first quarter of 2025. The latest market report by ANAROCK Research indicates strong momentum across major southern metros, with Hyderabad, Bengaluru, and Chennai jointly accounting for the lion's share of leasing by GCCs. According to the data, GCCs leased approximately 8.35 million sq. ft. of gross office space across India's top seven cities in Q1 2025, marking a 72 per cent year-on-year rise compared to 4.87 million sq. ft. during the same period in 2024. Of this, Bengaluru led with 3.3 million sq. ft., followed by Delhi-NCR at 1.91 million sq. ft. Hyderabad recorded 0.82 million sq. ft., placing it behind Chennai's 1.22 million sq. ft. Despite a dip from 1.22 million sq. ft. in Q1 2024, Hyderabad remained a key contributor, underlining continued demand from both existing and new entrants. In total, the seven leading Indian office markets reported gross leasing of 19.47 million sq. ft. in Q1 2025. GCCs contributed to 43 per cent of this volume. In the last two years, 2023 and 2024, gross leasing across the top seven cities touched 141.43 million sq. ft., of which GCCs absorbed 52.88 million sq. ft., accounting for over 37 per cent. Sectoral analysis for Q1 2025 shows IT/ITeS occupying 35 per cent of the total leased area by GCCs, followed by BFSI at 22 per cent, manufacturing and industrial at 13 per cent, e-commerce at 6 per cent, and consulting firms at 5 per cent. The rest (19 per cent) comprised other sectors. GCCs headquartered in the United States represented 65 per cent of all leasing by such centres in 2024, followed by 28 per cent from Europe and the Middle East. Firms from the Asia-Pacific region contributed just 7 per cent. There were over 1,700 GCCs in India by the end of 2024, employing approximately 1.7 to 1.8 million professionals. ANAROCK projects that by the end of 2025, India could have more than 1,900 GCCs, hosting up to 1.9 million professionals and a cumulative market value between USD 60 and 70 billion. By 2030, estimates suggest the number of GCCs in India could range between 2,200 and 2,300, with a combined market size of USD 100 to 110 billion and workforce strength reaching up to 2.8 million. GCC expansion is no longer confined to metro cities. Emerging Tier 2 and Tier 3 cities such as Ahmedabad, Kochi, and Coimbatore are attracting interest due to their skilled workforce, cost advantages, and infrastructure upgrades driven by government support. The shift in focus beyond traditional IT and BFSI segments also signals diversification. Sectors like manufacturing and industrial are increasingly becoming part of GCCs' India strategy, widening the scope of talent and services being delivered from the country.
