2024 marked a rebound in demand, attributed to global companies aiming to reduce costs while accessing India’s wide talent pool.
Bengaluru has emerged as the top market for Global Capability Centres (GCCs) occupying flexible office spaces, accounting for 41 per cent of GCC-focused flex seats across India’s major markets, according to Knight Frank India’s latest report.
Titled ‘GCC — Driving India’s Real Estate Growth Story’, the report shows that GCC flex space occupancy across eight cities rose from 17,380 seats in 2023 to 22,881 seats by September 2024, with Bengaluru’s large share underscoring its position as a tech and corporate hub.
Bengaluru has emerged as the top market for Global Capability Centres (GCCs) occupying flexible office spaces, accounting for 41 per cent of GCC-focused flex seats across India’s major markets, according to Knight Frank India’s latest report.
Titled ‘GCC — Driving India’s Real Estate Growth Story’, the report shows that GCC flex space occupancy across eight cities rose from 17,380 seats in 2023 to 22,881 seats by September 2024, with Bengaluru’s large share underscoring its position as a tech and corporate hub.
The report also highlights a significant regional contrast in GCC flex space distribution — while Bengaluru holds 41 per cent of GCC occupancy in flex spaces, Kolkata claims just 1 per cent. This distribution suggests distinct regional preferences, with Bengaluru leading the way as the preferred market for flex space among GCCs.
Across India’s top six cities, GCCs occupy nearly 202.6 million sqft of Grade A office space, with Bengaluru and Hyderabad collectively accounting for three-fourths of this space. From 2018 through the second quarter of 2024, the IT/ITeS sector has consistently dominated the GCC landscape, followed by Banking, Financial Services and Insurance (BFSI) and consulting sectors. Specifically, Mumbai leads with the highest share of GCCs within the BFSI sector, while Bengaluru holds top position in the IT/ITeS sector.
The report points at several recommendations, including innovative financing strategies, exploring new micro markets, supportive government policies and flexible office space for enhancing GCC operations and growth in India.
source/content: newindianexpress.com (headline edited)