Swapnil Merwade

*GCCs Will Drive the Next Growth Wave in India’s Office Market* 1. What are GCCs? Global Capability Centres (GCCs) are offshore units of MNCs that handle high-value functions — not just back-office support, but also research, analytics, product design & digital transformation for global operations. 2. The scale of India’s GCC presence: India hosts more than 1,600 GCCs, employing over 1.6 million professionals, and the number is growing rapidly. Cities like Bengaluru, Hyderabad, Pune, & Chennai are already global hubs for these centres. 3. A structural demand driver: GCCs are now among the largest occupiers of Grade A office space in India — often leasing large campuses and innovation hubs. 4. Shift from cost-arbitrage to capability creation: Earlier, GCCs were set up for cost efficiency. Today, they focus on value creation, innovation, and digital capability — requiring more sophisticated work environments, collaborative spaces, and tech-enabled campuses. 5. India’s talent advantage: India’s vast pool of STEM graduates, strong English proficiency, and global management talent make it the ideal ecosystem for GCC expansion. Multinationals see India not merely as an outsourcing base, but as a strategic innovation partner. 6. Cities becoming global tech corridors: Cities like Bengaluru, Hyderabad, Pune, Vadodara, and Gurugram are emerging as global tech corridors, offering Grade A office stock, strong digital infrastructure, and urban ecosystems that attract talent and innovation. 7. Resilience amid global headwinds: Even as global markets face uncertainty, GCC investments in India are rising. MNCs view India as a hedge against geopolitical risk and as a long-term cost-efficient innovation base. 8. Office market transformation: Increased demand for premium offices: GCCs prefer integrated, sustainable campuses with smart technologies. Flexible workspaces: Many GCCs are adopting hybrid models — driving demand for co-working and managed offices. Longer lease commitments: They typically sign multi-year leases, providing rental stability to developers. 9. The “Flight to Quality” trend: As older, less-efficient buildings become obsolete, GCCs are moving into Grade A+ spaces — driving a significant shift toward sustainability, wellness, and ESG-compliant real estate. 10. Economic & employment impact: GCCs generate a high multiplier effect — creating demand for urban infrastructure, transport, retail, and housing around their campuses. Each high-skilled GCC job can indirectly support 3–4 other jobs in the ecosystem. 11. The next growth wave: With an expected doubling of GCC footprint by 2030, these centres could occupy over 250–300 million sq. ft. of office space in India — becoming the single biggest growth driver for the commercial property market. GCCs are expanding beyond traditional IT into banking, pharmaceuticals, automotive, aerospace, retail, and life sciences

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