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South Indian cities of Bengaluru, Chennai and Hyderabad accounted for 64 per cent of the total Global Capability Centre(GCC) office space leasing in the first quarter of 2025, according to a report by real estate consultancy firm Anarock. In total, GCCs leased about 8.35 million sq ft in the quarter- a 72 per cent yearly jump from the 4.87 Mn sq. ft leased in Q4FY24.
Out of the total space leased by GCCs, 3.3 million sqft was leased in Bengaluru, 1.22 million sqft was leased in Chennai and 8 lakh sq ft was leased in Hyderabad.
IT/ITeS held the lion’s share of the space leased with 35%. BFSI came next with a 22 per cent share, followed by manufacturing & industrial with 13 per cent. E-commerce held a 6 per cent share, and consultancy businesses had a share of 5%. The remaining 19 per cent were leased by miscellaneous sectors.
“GCCs in Bengaluru, Chennai and Hyderabad collectively leased approximately 5.34 Mn sq. ft. of gross office space in Q1 2025, followed by Delhi-NCR which saw 1.95 Mn sq. ft. gross office space leased to GCCs.”, says Peush Jain, MD – Commercial Leasing & Advisory, ANAROCK Group.
ANAROCK’s data of Indian office markets indicates GCCs leased about 52.88 Mn sq. ft of the 141.43 Mn sq. ft. of office space in top seven cities over the the last two years, accounting for a share of over 37 per cent share. These cities recorded about 1,700 GCCs employing between 1.70-1.80 Mn professionals. Their cumulative market value is estimated at $52 billion.
Tier 2 & tier 3 Markets
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.
“The growing number of skilled workforce beyond the metros, cost competitiveness, supportive government policies, and concerted infrastructure development has contributed to more GCCs deploying in Tier 2 and Tier 3 cities.” Peush added.
(With Inputs from BL Intern Rohan Das)
Published on May 20, 2025
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