Office Space Leasing for GCCs Up 17% in India - CBRE
By Rediff Money Desk, New Delhi May 28, 2024 18:32
CBRE reports a 17% increase in office space leasing by foreign firms for setting up Global Capability Centres (GCCs) in India during the last fiscal year.
![Office Space Leasing for GCCs Up 17% in India - CBRE](https://im.rediff.com/money/2020/oct/06office.jpg)
Photograph: Anushree Fadnavis/Reuters
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.
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.
Source: PTI
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226206286
- IFL Enterprises
- 1.30 (+ 4.84)
- 81461564
- Vodafone Idea L
- 16.79 (+ 0.66)
- 67447398
- NCL Research
- 0.95 ( -4.04)
- 31996628
- Franklin Industries
- 3.73 (+ 3.32)
- 21511209
MORE NEWS
![Navi Mumbai...](https://im.rediff.com/80-80/money/2021/jun/10navi-mumbai-airport7.jpg)
Navi Mumbai Airport ILS Signal Testing Begins
The Airports Authority of India (AAI) has begun ILS signal testing at the...
![Air India VRS for...](https://im.rediff.com/80-80/money/2020/sep/09tata-vistara-3.jpg)
Air India VRS for Non-Flying Staff Ahead of...
Air India has announced a voluntary retirement scheme (VRS) and voluntary separation...
Fisher Groups Oppose WTO Fisheries Subsidy Talks
Small-scale fisher groups from India, Indonesia, and Bangladesh demand WTO keep...