Global Capability Centres record 48 pc rise in transaction volumes in India in H1 2024

MUMBAI: With improving business sentiments in India, Global Capability Centres (GCCs) recorded an increase of 48 per cent in transaction volumes from 6.6 million square feet in the first half of last year to 9.8 million square feet in H1 2024, a report said on Thursday.

Bengaluru witnessed the highest GCC-focused transactions at 4 mn sq ft, followed by Hyderabad at 3 mn sq ft, according to the report by Knight Frank India.

India has consistently maintained its status as one of the fastest-growing large economies which has positively impacted the office demand.

“With improving business sentiments and steadily decreasing uncertainties, occupiers are increasingly inclined to commit to long-term plans and expand operations,” said Viral Desai, Senior Executive Director, Occupier Strategy & Solutions, Industrial & Logistics, Capital Markets and Retail Agency.

According to an earlier Nasscom report, access to digitally-skilled talent, the drive to adopt new technologies and the imperative to make greater customer impact are driving the growth of the GCC ecosystem in the country.

India has over 1,580 GCCs with an addition of multiple GCCs every quarter, as companies navigate the complexities of today’s business environment.