International functionality centres in India to exceed 2,500 over subsequent 3-4 years: JLL, ETCFO
NEW DELHI: The variety of International Functionality Centres (GCCs) items in India will exceed 2,500 over the subsequent 3-4 years, as in opposition to over 1,950 items now, JLL, a worldwide business actual property and funding administration firm anticipated in a report.
In response to the report as of December 2024, there are over 1,950 GCC items within the nation, accounting for greater than one-third of the occupied workplace inventory within the prime seven markets of India.
But, the runway of development remains to be longer, 70 per cent of the International 500 corporations (excluding India-headquartered corporations), have but to determine a presence in India, the report added.
“The approaching years promise an thrilling journey as extra corporations actively look to harness India’s growth-favoring ecosystem, whereas current gamers execute their enlargement plans throughout the nation,” the report added.
In the meantime, the workplace leasing exercise within the prime seven cities skyrocketed to unprecedented ranges of 77.2 million sq. ft in 2024 – a exceptional 22.6 per cent 12 months-on-12 months (Y-O-Y) enhance from 2023’s already historic excessive of 63 million sq. ft.
As per the report, from 2016 to 2024, these world R&D and enterprise transformation hubs have accounted for a formidable 40 per cent of total workplace leasing exercise. In 2024 GCCs leasing was 28 million sq. ft, recording an all-time excessive which represents a big 15.2 per cent Y-o-Y enhance and additional solidifies their dominance in India’s workplace markets.
Bengaluru stays India’s premier GCC hub, leveraging its established ecosystem to draw additional funding and headcount development.
In 2024, town captured 47 per cent of the whole GCC leasing demand nationwide, showcasing its continued management with constantly excessive area take-up by GCCs.
In the meantime, Hyderabad has emerged as a formidable contender within the GCC panorama, positioning itself as a sexy complementary location for corporations searching for enlargement.
Curiously, GCCs, chasing expertise and innovation clusters have proven vital curiosity in Chennai, which displays the strongest development within the final three years, as per the report.
The report highlights that momentum remained sturdy in Delhi NCR and Pune as nicely.
As per the report, whereas tech occupiers have traditionally dominated GCC leasing exercise, ER&D (industrial and manufacturing) and BFSI are segments which have proven a speedy tempo of development.
The share of ER&D (manufacturing/industrial) has greater than doubled within the final three years, indicating a quickly evolving section, constructing on India’s manufacturing push.
BFSI has seen its share and quantum of leasing exercise bounce 1.5X in comparison with the pre-COVID three-year interval. Healthcare & biotech has been one other rising sub-segment prior to now few years, once more indicative of India’s sturdy push on this sector.
