Mumbai, Feb 19 (IANS) Global Capability Centres (GCCs) could account for up to 50 per cent of India’s office space demand across the top seven markets as US firms continue to dominate leasing activity, a report said on Thursday.
The report from Colliers India said US firms have accounted for close to 70 per cent of GCC leasing activity in India since 2020, followed by EU and UK companies at an 8–10 per cent share each.
The annual Grade A office uptake by GCCs could reach 35–40 million sq ft over the next few years, accounting for 40–50 per cent of overall office demand, the report said.
“While technology based GCC demand from US firms can stabilize, we anticipate increasing traction from companies of EU and UK origin, especially within the engineering & manufacturing, BFSI and consulting domains,” said Arpit Mehrotra, Managing Director, Office Services, Colliers India.
The ongoing trade agreements and tariff rationalisation with the US, EU and UK are likely to boost long‑term office demand across technology, banking and financial services, engineering and manufacturing, and consulting sectors, the report noted.
Of the 310 million sq ft of cumulative office space demand in the country since 2020, GCCs accounted for about 117 million sq ft, or 38 per cent, the report said. The steady growth in GCC demand is evident from the increase in space uptake from around 16 million sq ft in 2020 to close to 30 million sq ft in 2025, it added.
“GCCs will continue to anchor India’s office space demand, supporting the ongoing scale-up and diversification of occupier base,” said Vimal Nadar, National Director & Head of Research, Colliers India.
Nadar said that global trade frictions have relatively moderated, and recent bilateral agreements between India and its leading trade partners will translate into traction across key demand drivers of the Indian office market.
Further, skilled talent availability and cost arbitrage will continue to fuel expansion of capability centers in India, the real estate services firm said.
—IANS
aar/pk
