Office Space Leasing for GCCs Up 17% in India - CBRE

New Delhi, May 28 (PTI) Leasing of office space by foreign firms for setting up Global Capability Centres (GCCs) rose 17 per cent last fiscal year, according to CBRE.

Real estate consultant CBRE said the leasing of office space meant for setting up of GCCs stood at 22.5 million square feet in 2023-24 fiscal as compared to 19.2 million square feet in the preceding year.

Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, said, "With projections indicating significant leasing by GCCs at 40-45 million square feet between 2024 and 2025, India's strategic emphasis on digital technology, combined with its competitive costs for talent and rentals, remains instrumental in propelling the growth."

The gradual upskilling of talent in existing as well as new roles and greater synergies between the private sector and educational institutions would continue to drive value creation in India, he added.

Consequently, Magazine said India is likely to witness more sophisticated GCCs going ahead.

"As India continues to position itself as a global hub for innovation and talent, the growth of GCCs underscores the country's immense potential as a preferred destination for businesses seeking growth and expansion opportunities," Ram Chandnani, Managing Director, Advisory & Transactions Services, CBRE India, said.