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YUGEN REALTY, SURAT
Global Capability Centers (GCCs) have seen significant growth in India over the past few years, driving substantial demand for office spaces.
According to a joint report by CBRE and Zyoin, since 2022, global companies have leased approximately 53 million square feet of office space in major cities like Bengaluru, Hyderabad, Chennai, Pune, Delhi-NCR, and Mumbai to establish GCCs.
This growth is attributed to India’s skilled workforce, cost efficiency, and favourable business environment.
CBRE’s 2024 India Office Occupier Survey reveals that around 67% of GCCs plan to expand their office space by at least 10% over the next two years.
This indicates robust growth prospects for India’s commercial real estate sector, encouraging developers to increase office space supply to meet rising demand.
Nationwide, there is strong demand for Grade A office spaces, particularly in regions like Delhi-NCR, where there are plans for upscale and mixed-use commercial projects, especially near the Noida Expressway.
The development of major infrastructure projects like the Noida International Airport has further enhanced the region’s appeal to global businesses. In the first half of 2024, GCCs accounted for 37% of total leasing, underscoring their growing importance.
As infrastructure development continues, rental values and leasing activity are expected to rise, particularly in Gurgaon, with demand for Grade A office spaces likely to drive up rental prices, fostering future-ready office construction.
Emerging Opportunities in Tier-2 Cities: Impact of GCCs on Surat’s Real Estate and Economy
Additionally, the expansion of GCCs could positively impact Tier-2 cities like Surat. As major cities become more congested and expensive, global companies may be inclined to shift operations to Tier-2 cities to leverage lower costs and tap into untapped talent.
This shift could increase demand for office spaces, boost the local real estate market, and accelerate infrastructure development, further establishing Surat as an emerging business hub.
The expansion of GCCs is poised to drive sustained growth in India’s commercial real estate market, reinforcing the country’s position as a strategic hub for global companies.
This evolving market landscape promotes the development of unique and premium office spaces, enhancing the dynamism and competitiveness of India’s commercial real estate sector.
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Disclaimer : This information has been collected through secondary research and Yugen Realty Newspaper is not responsible for any errors in the same.
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