India Emerges as a Global Hub for GCCs, Driving Growth for Commercial Real Estate 

November 2024: India is rapidly solidifying its position as a prime destination for Global Capability Centres (GCCs), reshaping the country’s commercial real estate landscape. A joint report by CBRE and Zyoin reveals that since 2022, global corporations have leased nearly 53 million square feet of office space across key cities such as Bengaluru, Hyderabad, Chennai, Pune, Delhi-NCR, and Mumbai. This surge is fueled by a blend of cost efficiency, access to skilled talent, and a business-friendly environment.

The 2024 CBRE India Office Occupier Survey reinforces this momentum, with 67% of GCCs planning to expand their office portfolios by at least 10% in the next two years. Further, Cushman & Wakefield reports that from Q1 2023 to Q4 2024, 124 companies have established new GCCs or R&D centers in India, underscoring the growing importance of India in global corporate strategies.

Delhi-NCR: An Emerging Powerhouse

The Delhi-NCR region, particularly along the Noida Expressway and in Gurugram, is undergoing a significant transformation driven by GCC activity. Harinder Singh Hora, Founder Chairman of Reach Group, states, “Gurugram’s office market is undergoing a transformative phase, driven by a perfect storm of factors. Robust infrastructure development, coupled with a thriving startup ecosystem and the increasing adoption of advanced technologies, is attracting global corporations. As the city evolves into a digital hub, demand for innovative and sustainable workspace solutions is escalating. This dynamic environment is propelling Gurugram towards becoming a leading commercial center in India and a global business destination.”

Salil Kumar, Director of Marketing and Business Management at CRC Group, highlights the growing demand for Grade A office spaces. “The heightened demand for Grade A office spaces will not only drive rental prices in prime locations in Delhi-NCR but also catalyze new developments, further strengthening the commercial real estate sector. As global companies secure large office spaces for their GCCs in India, we anticipate sustained demand for commercial spaces, encouraging developers to deliver future-ready office spaces.”

Nisheeth Thukral, Head of Leasing at Ambience Group, underscores the NCR’s increasing appeal to global corporations. “While Bengaluru remains the leading city, the NCR has experienced significant interest from international corporations. Demand is particularly strong for Grade A office spaces, and as a vital participant in this flourishing market, the NCR presents substantial opportunities. Ambience Group is actively developing upscale mixed-use commercial projects near the Noida Expressway to meet this demand.”

India’s Strategic Appeal for GCCs

As India’s prominence in the GCC ecosystem continues to rise, global partnerships and expansions are accelerating. Ambika Saxena, Director of Corporate Communications at Bayside Corporations, observes, “India’s combination of cost efficiency and innovation is making it a strategic hub for GCCs. Our collaborations with companies such as Danube in Dubai and BNW in Ras Al Khaimah underscore India’s growing appeal. This evolution reflects the country’s vital role in supporting global corporations seeking a balance between operational excellence and innovation.”

With demand for high-quality commercial real estate showing no signs of slowing, India is poised to remain a central hub for GCCs, bolstering the country’s position as a critical player in the global business landscape.