India has seen significant growth in Global Capability Centres (GCCs) over recent decades, particularly in Bengaluru, Hyderabad, Chennai, Pune, Delhi-NCR, and Mumbai, according to a CBRE and Zyoin report. These cities are expected to continue leading GCC expansion due to their rich talent pools and robust real estate markets.
The report highlights an 8% year-on-year increase in GCC leasing activity across these top six cities from January to June 2024. During this period, GCCs accounted for 37% of all office leasing in India. Notably, major leases from international banking and insurance firms in Mumbai, Bengaluru, and Pune have driven the BFSI sector’s share of GCCs to 22%.
Anshuman Magazine, Chairman & CEO of CBRE India, emphasized India’s growing role as a global talent hub, with a diverse range of industries recognizing the country’s potential. Future GCC development is expected to see expansion in life sciences, automotive, and aerospace sectors.
Bengaluru remains the GCC epicentre with a substantial technology workforce and a thriving start-up ecosystem, commanding 40% of India’s GCC leasing market. Hyderabad’s progressive policies and urban planning have also made it a key GCC location. Chennai’s strong manufacturing base and educational incentives, and Pune’s affordable real estate and talent pool further bolster their positions as prominent GCC hubs.
As GCCs evolve from back-office operations to innovation hubs, there is a critical need for skill transformation and talent reskilling, particularly in emerging technologies like AI and ML.