GCC surge: 1,800+ centres occupy over 240 mn sq. ft.

MUMBAI, OCTOBER 23, 2024: In a testament to India's growing dominance in the global business landscape, the country has emerged as the undisputed leader in hosting Global Capability Centres (GCCs). According to JLL India, the subcontinent now has over 1,800 GCCs, serving more than 1,400 unique global corporations. This remarkable achievement is further amplified by the addition of over 100 new centers in just the past two years (since 2022), underscoring India's appeal to multinational giants seeking to optimize their global operations.

The GCCs now occupy more than 240 million sq. ft of Grade A office space across the country's top seven cities (Mumbai, Delhi NCR, Kolkata, Bengaluru, Chennai. Bengaluru and Pune). The "Silicon Valley of India," or Bengaluru, leads the pack, accounting for approximately 42% of the total space occupied by GCCs. This concentration reflects Bengaluru's unparalleled tech ecosystem, worldclass educational institutions, and cosmopolitan work culture that attracts top talent from across the globe. This unprecedented surge not only cements India's status as the premier GCC destination but also heralds a new era of growth and transformation in the country's business ecosystem.

“Recent leasing activity further emphasizes the GCC sector's robust growth. In the last 18 months alone (Jan-December 2023-H1 2024), GCCs leased an astounding 35.2 million sq. ft of office space. Notably, Bengaluru, Hyderabad, and Chennai, captured a significant three-quarters of this leasing activity, underscoring the region's appeal with its combination of world-class infrastructure, deep talent pools, and supportive business ecosystems,” said Dr Samantak Das, Chief Economist and head of Research and REIS, India, JLL.

The GCC landscape in India is dominated by three key sectors: Manufacturing, IT/ITeS, and BFSI, which collectively represent about 78% of the occupied area. This concentration reflects India's strengths in technology, finance, and industrial expertise, as well as the country's ability to support complex, high-value operations across these domains.

"India's transformation from a mere cost-saving destination to a strategic innovation powerhouse is reshaping the global business landscape. Today, we're witnessing Global Capability Centres in India spearheading cutting-edge R&D in AI, machine learning, and advanced manufacturing. The country's GCCs are no longer just service providers; they're becoming the nerve centers of global corporations, with Indian leadership securing pivotal roles in shaping worldwide business strategies. This shift underscores India's emergence as the crucible of innovation where multinational enterprises are forging their future," said Rahul Arora, Head - Office Leasing & Retail Services, Senior Managing Director (Karnataka, Kerala), India, JLL.

Looking ahead:

The future appears bright for India's GCC sector. GCCs account for approximately 50% of active, ongoing space requirements across the top seven cities, signalling continued expansion and investment in the country. As GCCs evolve from cost-saving centers to transformation hubs, India's role in driving global business innovation and digital transformation is set to grow even further.

This narrative of rapid expansion, regional concentration, and sectoral specialization paints a picture of India's GCC sector not just growing, but fundamentally evolving. With its vast talent pool, quality infrastructure, and supportive government policies, India continues to cement its position as the world's premier destination for Global Capability Centres, driving innovation and high-end capabilities for global corporations.

To know more about GCC in India click here to download the GCC guide.