In 2024, Global Capability Centres (GCCs) are projected to occupy 35% of India's commercial real estate, a significant rise from 26% in 2022. This growth is driven by the expanding need for office space in the booming GCC sector. The IT sector will maintain a 16% share, while GCCs are expected to absorb 21.83 million square feet of office space by year-end. Contributing 3.5% to India's GDP by 2030, GCCs are crucial for business innovation and efficiency. Mumbai and Bengaluru are key hubs, with 80% of GCCs serving international clients, reflecting India's strategic global business role.
In 2024, Global Capability Centres (GCCs) are set to control about 35% of all commercial real estate in India, a significant increase from 26% in 2022. This rise highlights a shift in the real estate landscape, driven by the booming sector's need for more office space. The information technology (IT) sector is expected to maintain its share at 16%, according to a recent Knight Frank report.
The expansion of GCCs reflects their growing role in India's economy. The Economic Survey 2024 projects that by 2030, these centres will contribute approximately 3.5% to the country's GDP, generating around USD 121 billion. This growth is fueled by a surge in GCCs catering to the manufacturing sector and a maturing technology talent pool.
By the end of 2024, GCCs are expected to absorb 21.83 million square feet of office space, out of a total of 70 million square feet absorbed by all Indian companies. This absorption is indicative of the GCC sector's robust expansion and its pivotal role in driving business innovation and efficiency.
The report also highlights that the IT/ITeS sector leads in GCC presence, followed by BFSI and consulting sectors. In terms of geographical distribution, Mumbai is a major hub for BFSI GCCs, while Bengaluru leads for IT/ITeS. Notably, about 80% of India's GCCs serve international clients, underlining the country's strategic position in the global business landscape.
India's rapid GDP growth, coupled with its strong infrastructure and skilled workforce, continues to attract global businesses. As GCCs expand their footprint, they are set to further enhance India's reputation as a key player in the global business ecosystem.
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