GCCs occupy 3.46 mn sft of office space in Hyd
IT/ITeS contributed 49% of the overall office absorption in the commercial market, says Knight Frank report
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Hyderabad: Global Capability Centres (GCCs) absorbed total office space of 3.46 million sft in Hyderabad’s commercial real estate market. Industry wise, IT/ITeS contributed 49 per cent of the overall office absorption, a report by Knight Frank India, a real estate consultant, said.
The company along with 3AI conducted the survey themed, ‘Global Capability Centres and India Office Market Landscape.’
The report cited that between 2018 to 2023 Hyderabad witnessed a total of 713 deals from which 509 were in office spaces below 50,000 sft, 112 deals were between 50,000 sft and one lakh sft, and about 92 deals were recorded in office spaces above one lakh sft. After IT/ITeS, the other key contributors are BFSI at 26 per cent, consulting at 15 per cent, healthcare at 10 per cent, while remainder sectors contributed seven per cent of the overall office space absorption.
“In the dynamic landscape of global business, India’s Global Capability Centres (GCCs) have evolved beyond traditional roles to become pivotal hubs of global strategy and local ingenuity. As India solidifies its position as a cornerstone of global GCC networks, these centres emerge as unparalleled hubs of creativity and collaboration,” Shishir Baijal, Chairman and Managing Director, Knight Frank India, said.
Across eight major cities, office absorption by GCC is estimated to reach 26 million sft by 2027, up from 19.69 million sft in 2023. Transaction activities have increased by 16 per cent from 16.99 million sft in 2018 with GCCs completing 6,667 office leasing deals between 2018 and 2023.
