CHENNAI: Chennai is poised to add 12–13 million square feet of premium office space between 2025 and 2026, according to a report titled ‘Tamil Nadu: The Next Frontier for Global Corporations’ by CBRE. The report was released on Wednesday at the 'GCC Next Summit 24,' organised by Guidance Tamil Nadu.
The report highlights Chennai’s solidified position as a preferred hub for global corporates, accounting for 11% of India’s current Global Capability Centre (GCC) talent. The city currently houses over 250 GCC units, a number projected to rise to 450–460 by 2030.
Ranked third in GCC leasing activity in India after Bengaluru and Hyderabad for the period 2022–2024, Chennai witnessed an increase in GCC office absorption from 1.4 million sq. ft. in 2022 to 2.3 million sq. ft. in the first nine months of 2024.
"Aligned to this growth, the GCC talent pool in Chennai is projected to grow by 1.4 times, reaching 320,000–370,000 by 2030. This growth is underpinned by a diverse talent mix of experienced professionals and fresh graduates, further strengthened by the state government’s initiatives in workforce training and industry-academia collaboration," the report stated.
It was revealed that US firms accounted for 67% of GCC setups during the period between 2022 and the first nine months of 2024. Key micro-markets in Chennai, including Old Mahabalipuram Road (OMR) Zone 1, Mount Poonamallee High Road, and PT Road, cumulatively contributed to 92% of the city’s overall GCC leasing activity, further cementing its position as a global hub for corporate growth.
Highlighting Tamil Nadu’s ambition of becoming a USD 1 trillion economy by 2030, the report underscored the state’s robust industrial base and expanding services sector, including GCCs.
It noted that cities such as Coimbatore, Madurai, and Tiruchirappalli are emerging as key hubs for manufacturing investments, creating significant opportunities for GCCs to drive innovation and product development.
"With a robust talent pool in manufacturing, software development, and mechanical engineering, GCCs in Tamil Nadu are poised to deliver niche and foundational expertise, contributing to the state’s economic growth. Initiatives in research and development, regulatory support, and workforce development further bolster sustainable growth prospects," the report added.