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PNN
New Delhi [India], September 18: The Indian commercial real estate landscape is undergoing a massive structural transformation, as the post-pandemic evolution of hybrid schedules and a moderation in third-party IT service leasing redefine traditional office dynamics. Yet, far from cooling down, Indias office market has found a high-value growth engine in Global Capability Centres (GCCs). Once regarded merely as low-cost, back-office cost centres, these hubs have rapidly matured into strategic nerve centres for global enterprise AI, product engineering, analytics, research and development, and digital excellence. Offering insight into this market evolution, Saket Mohta, Managing Director of Merlin Group, highlights the profound implications of this GCC surge on modern commercial developments. Lets take a look at the numbers. India has firmly established itself as a global powerhouse for Global Capability Centres (GCCs). The sector is witnessing rapid expansion, with the number of GCCs in the country projected to cross 2,400 by 2030, employing more than 2.8 million professionals. The growing ecosystem is also having a profound impact on the countrys commercial real estate sector. According to Colliers, GCCs have leased approximately 118 million square feet of Grade-A office space since 2021, accounting for 37% of overall Grade-A office demand across Indias top seven cities. In the first half of 2026 alone, GCCs leased 16.6 million square feet, representing 46% of overall Grade-A office space uptake. While traditional Tier-1 tech capitals like Bengaluru and Hyderabad continue to lead, the two cities together have accounted for over 60% of GCC office leasing since 2021. At the same time, the demand from capability centres is becoming increasingly broad-based, with cities such as Pune and Chennai witnessing strong momentum. As a result, both established Tier-1 alternatives and emerging Tier-2 hubs are stepping into the spotlight, fuelled by proactive state policies, competitive operating costs, quality office infrastructure, and access to engineering and digital talent. Within this expanding network, Pune has solidified its status as a core engineering and financial services hub. According to JLL, Pune has captured around 15% to 20% of national GCC activity over the past four years, supported by its strong talent base, quality of life, and established strengths across BFSI, automotive, IT/ITeS, manufacturing, and engineering services. Saket Mohta says, Global Capability Centres (GCCs) are no longer just a temporary trendthey are officially the next big thing for Indias economy and real estate market. These hubs have evolved from basic back-offices into the main engineering and tech brains of global companies. This shift has opened up a massive new opportunity for India. GCCs are driving huge demand for high-quality, modern offices, and this growth is now moving fast beyond traditional tech hubs into rising cities like Pune and Kolkata. Quite simply, GCCs are the new anchors of Indias commercial growth story, he adds. Kolkata is another city witnessing a significant shift as Eastern Indias primary strategic hub, with GCC activity expanding across IT-BPM, telecom and media, professional services, and engineering and manufacturing. According to Cushman & Wakefield market data, GCC leasing in Kolkata experienced a 239% year-on-year surge in 2025, rising from 0.15 million square feet in 2024 to 0.51 million square feet in 2025. GCCs accounted for 30% of Kolkatas total office leasing of 1.71 million square feet in 2025, compared with just 9% in the previous year. IT-BPM companies led the citys GCC leasing activity, accounting for 59% of demand, followed by telecom and media at 21%, professional services at 13%, and engineering and manufacturing at 7%. Saket Mohta believes, The real value of the GCC boom isnt about renting office space; it is about building the intellectual real estate of the future. When a global giant anchors its core AI models or data security within an Indian tech park, that office transcends being a mere real estate expense it becomes their most critical strategic asset. We are witnessing a historic flip in power where India is transforming from the Wests execution arm into the global boardroom. For developers, this means we are no longer just landlords providing brick-and-mortar spaces; we are infrastructure partners safeguarding the worlds most valuable corporate intelligence. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same.)
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