HYDERABAD: Global Capability Centres (GCCs) leased a staggering 22.5 million square feet (mn sq ft) of office space in 2024, accounting for 31% of the total leasing volumes. This surge in demand was highlighted in a recent office market assessment report by Knight Frank India.
The leasing activity was pushed by a mix of large, mid-sized, and smaller deals. Large deals (100,000+ sq.ft) with 50 transactions totalling 12.1 mn sq ft; mid-sized deals (50,000 - 100,000 sq.ft) with 56 deals contributing 4.4 mn sq ft; and smaller deals (under 50,000 sq.ft) with 223 deals accounting for 5.5 mn sq ft.
The southern cities of Bengaluru, Chennai, and Hyderabad continued to be the preferred destinations for GCCs, accounting for the majority of leasing activity. Across the top eight cities, GCCs executed 329 leasing deals in 2024, with southern India leading the charge.
Southern cities emerge as GCC hotspots
Bengaluru
Total GCC leasing: 9.33 mn sq ft (highest among all cities)
Total deals: 100 transactions
Sub-50,000 sq.ft category: 66 deals (second highest after Chennai)
Mid-sized deals (50,000 - 100,000 sq.ft): 14 deals
Large deals (100,000+ sq.ft): Topped the charts in this segment
Hyderabad
Total GCC leasing: 5.06 mn sq ft (second highest)
Large office space category: 67% of total leasing (3.41 mn sq ft)
Mid-sized deals: 15 deals (highest among all cities)
Overall leasing volumes: 5+ mn sq ft
Chennai
Total deals: 89 transactions
Sub-50,000 sq.ft category: 73 deals (highest among all cities)
Mid-sized deals: Significant activity, though slightly behind Hyderabad and Bengaluru
Large deals: Strong presence in the 100,000+ sq.ft segment