The number of GCCs in India is likely to cross the 2,500 mark in the next four years, and their office space footprint is projected to exceed 300 million square feet, JLL India, a real estate advisory firm, said.
Currently, over 1,800 GCCs take up 240 million square feet of Grade A office space across the country's top seven cities, serving more than 1,400 global corporations, the firm said. Since 2022, 100 new centers have been set up in India.
The top seven cities are Mumbai, Delhi National Capital Region (NCR), Kolkata, Bengaluru, Chennai, and Pune. Amongst these, Bengaluru alone occupies about 42 per cent of the total space occupied by GCCs.
The manufacturing, information technology (IT) and IT-enabled services, and the banking, financial services, and insurance (BFSI) sectors account for approximately 78 per cent of the occupied area. US-headquartered firms occupied about 60 per cent of the occupied space.
In calendar year 2023 and the first six months of 2024, a total of 35.2 million square feet was leased to GCCs. It indicates a 49 per cent rise in a Y-o-Y manner. Bengaluru, Hyderabad, and Chennai stood for three-fourths of this space leased.
GCCs account for around 50 per cent of active, ongoing space requirements across top seven cities.
Rahul Arora, head of office leasing and retail services, senior managing director (Karnataka, Kerala), India, JLL said, "Today, we are seeing GCCs in India leading-edge R&D in AI, machine learning, and advanced manufacturing. The GCCs of the nation are shifting from being an only service hub to being the nerve centre of global corporations. Indian leadership gaining significant roles in deciding the global business strategy for the corporation."
This shift underscores India as the crucible of innovation where multinational enterprises forge their future.
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