MNCs Rent 51 Lakh Sq Ft Office Space in Delhi-NCR for GCCs: Anarock

New Delhi, Feb 24 (PTI) Delhi-NCR is emerging as a major destination for multi-national corporations (MNCs) to set up Global Capabilities Centres (GCCs), as 50.9 lakh square feet of office spaces have been leased in the region during the last two calendar years, according to Anarock.

"In Delhi-NCR, GCCs leased 5.09 million (50.9 lakh) sq ft gross office space in last two years – of which nearly 2.5 million sq ft in 2023 and 2.59 million sq ft in 2024, thereby increasing by 4 per cent on yearly basis," real estate consultant Anarock said.

Across seven major cities, the total gross leasing of office spaces stood at 141.43 million sq ft in the last two years. Of this, GCCs alone leased about 52.88 million sq ft of office space, comprising over 37 per cent share in the total absorption.

These seven cities are Delhi-NCR, Mumbai, Bengaluru, Pune, Hyderabad, Chennai and Kolkata.

Anarock MD-Commercial Leasing and Advisory Peush Jain said, "India's rising economic influence in the last two to three years has boosted the confidence of GCCs and attracted them to key markets in the country, including Bengaluru, Mumbai, Hyderabad, Pune and Chennai".

Unlike the pre-Covid period, when most of these GCCs were largely eyeing the IT/ITeS and BFSI sectors, their focus is now shifting to other sectors like engineering and manufacturing, Jain said.

"This is due to various factors, including the growing prominence of India as a global economic hub, the government's incessant focus on the ‘Make in India' initiative and other policies, overall improved infrastructure and boosted connectivity via airports, railways etc," Jain added.

Mumbai-headquartered Anarock entered into the office leasing segment in April 2024, expanding its business from housing brokerage, capital market transactions, and leasing of retail as well as industrial and warehousing spaces, among others.

Vijay Harsh Jha, founder and CEO of VS Realtors, said, "Delhi-NCR is becoming a preferred destination for GCCs in the last few years owing to huge traction drawn by Noida due to the upcoming Noida International Airport, competitive rentals, good quality office spaces and connectivity infrastructure developments in the entire NCR region, including Gurugram".