India’s GCC Lease Transactions Rise 15% In 2024: Knight Frank India

According to Knight Frank India, India witnessed a 15% year-on-year increase in global capability centre (GCC) lease transactions in 2024, reaching 329 deals compared to 282 in 2023.

The total office space leased by GCCs in 2024 stood at 22.5 million square feet (msf), marking a 7.9% rise from 20.79 msf in the previous year.

GCCs contributed 31% to the overall leasing activity, with Bengaluru leading as the most sought-after location.

Among the 329 transactions, large deals exceeding 1,00,000 square feet accounted for 12.1 msf across 50 deals.

Mid-sized leases (50,000–1,00,000 sq ft) covered 4.4 msf through 56 transactions, while smaller deals (under 50,000 sq ft) made up 5.5 msf across 223 leases.

Bengaluru dominated the GCC leasing landscape with a 42% share, registering 100 deals for a total of 9.3 the highest among all cities.

Chennai followed with 89 transactions, recording the most deals in the sub-50,000 sq ft category. Hyderabad led in the mid-sized segment with 15 transactions, while Bengaluru remained close behind with 14.

While Bengaluru, Chennai, and Hyderabad emerged as the top choices for GCCs, the National Capital Region (NCR) also recorded 53 lease transactions.

The smaller office category dominated the NCR market, with 38 deals.

Shishir Baijal, chairman and managing director of Knight Frank India, noted, “The Government of India’s announcement during the Union Budget about building a framework to help states promote GCCs and enhance their growth should spur corporate interest in setting up GCCs in both mainstream and Tier-I commercial markets in the future. India’s potential as a GCC destination will continue to gain credence through such proactive policies and initiatives. Combined with India’s skilled talent pool and cost-effective real estate options, India’s stature as a GCC market continues to grow.”

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