Rating agency ICRA has estimated that the number of Global Capability Centers (GCCs) in India will increase to more than 2,500 in the next five years, creating huge demand for office space.
In 2024-25 fiscal, GCCs leased a record 24 million sq ft of Grade A office space across the top six cities, with their share in total leasing rebounding to 37 per cent from a low of 27 per cent in FY23, the rating agency said in a statement.
ICRA projected that GCCs would take on lease 50-55 million square feet of Grade A office space during FY26 and FY27, potentially contributing 38-40 per cent to the total office space demand in the top six markets- Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai Metropolitan Region (MMR) and Pune.
ICRA expects “the number of GCCs to rise from about 1,700 currently to more than 2,500 by 2030, generating over USD 100 billion in revenue and scaling workforce capacity by 1.5-2 times.”
Anupama Reddy, Vice President and Co-Group Head, Corporate Ratings, ICRA, said​Rating agency ICRA has estimated that the number of Global Capability Centers (GCCs) in India will increase to more than 2,500 in the next five years, creating huge demand for office space.
In 2024-25 fiscal, GCCs leased a record 24 million sq ft of Grade A office space across the top six cities, with their share in total leasing rebounding to 37 per cent from a low of 27 per cent in FY23, the rating agency said in a statement.
ICRA projected that GCCs would take on lease 50-55 million square feet of Grade A office space during FY26 and FY27, potentially contributing 38-40 per cent to the total office space demand in the top six markets- Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai Metropolitan Region (MMR) and Pune.
ICRA expects “the number of GCCs to rise from about 1,700 currently to more than 2,500 by 2030, generating over USD 100 billion in revenue and scaling workforce capacity by 1.5-2 times.”
Anupama Reddy, Vice President and Co-Group Head, Corporate Ratings, ICRA, said ​Latest News [ SOBAN NEWS: International and National ]
