Property services firm Jones Lang LaSalle (JLL) says that India has set a new record in leasing office spaces to global business outfits.
JLL states that the Global Capability Centers (GCCs), which are offshore units handling their parent companies’ business processes, accounted for one-third of the 77.2 million square feet of office space leased in India’s key cities last year. This represents over one-third of the total space leased in India.
Samantak Das, Chief Economist and Head of Research and REIS, India, at JLL, said in the report: “Global Capability Centers have emerged as the backbone of this surge.” India leased about 28 million square feet across seven major cities, which now make up nearly 40% of the total office leasing since 2016.
The JLL report further adds that this trend underscores India’s robust office market for multinational companies and its growing status as the “office to the world.”
Bengaluru remains the hub for GCC offices. The southern city, often referred to as the Silicon Valley of India, captured nearly half of the leasing demand last year. Other major cities, including Hyderabad, have also attracted international companies looking to expand operations.
Importantly, GCCs account for more than 1% of the country’s GDP, and as of December, there were over 1,950 of them.
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