India GCCs Drive Record Office Leasing by Foreign Firms
Employees work in a bustling office in India, with a city skyline visible through large windows.
Key Highlights
Foreign firms lease record office space in India, driven by Global Capability Centres (GCCs). CBRE reports a 9.1 million sq ft surge in top cities.
Foreign companies have significantly increased their office space leasing in India, reaching a record 9.1 million square feet across the country’s top nine cities during the last quarter. This surge is primarily attributed to the establishment of Global Capability Centres (GCCs), according to real estate services firm CBRE.
Overall demand for office space has risen by five percent, with Bengaluru, Delhi-NCR, and Mumbai leading in leasing activity. This trend underscores India’s growing prominence as a global hub for complex business functions, attracting foreign investment and expansion.
The significant increase in leased office space reflects the strategic importance of India for multinational corporations seeking to establish and expand their GCC operations. These centers play a crucial role in delivering various business functions, including technology, research and development, and customer support.
CBRE’s report highlights the continued strength of India’s commercial real estate market, driven by the demand from foreign firms capitalizing on the country’s skilled workforce and favorable business environment. The trend is expected to continue as more companies recognize the strategic advantages of establishing a presence in India.