GCCs lease 5.34 msf of office space in Bengaluru, Chennai, Hyderabad in Q1 2025.
Hyderabad: Hyderabad stood among the top cities in terms of leasing of office space by global capability centres (GCCs).
GCCs in Bengaluru, Chennai and Hyderabad collectively leased approximately 5.34 million sq. ft. (msf) of the total 8.35 msf gross office spaces leased by GCCs across India. Hyderabad accounted for 0.8 msf during the period, continuing from the previous contribution of 1.22 msf during the same period the previous year.
The total gross office space leasing stood 19.4 msf in the first three months this year.
"The total office space leasing was 19.4 msf in top seven cities and GCCs accounted for about 8.35 msf or 43 per cent overall share. In Q1 2024, GCCs leased about 4.87 msf. There has been a 72 per cent annual jump in their office space absorption," said Peush Jain, MD - commercial leasing and advisory, Anarock Group.
The top 7 cities saw gross leasing of over 141.4 msf of office space in the last two years – 2023 and 2024. Of this, GCCs alone leased about 52.88 msf, accounting for a share of over 37 per cent share. Of the overall GCC leasing, IT/ITeS held the lion’s share with 35 per cent. BFSI came next with a 22 per cent share, followed by manufacturing and industrial with 13 per cent. E-commerce held a 6 per cent share, and consultancy businesses 5 per cent.
GCCs are also keen on various Tier 2 NS 3 cities, including Ahmedabad, Kochi, and Coimbatore. A significant share of Indian GCCs is headquartered in the US, followed by Europe and the Middle East, the report said.
