GCCs edge out IT-ITES, claim top spot in office space absorption

Global Competency Centres (GCC) have edged out IT-ITES services companies and grabbed a large share of the office space in the country. The share of GCC in the total area transacted grew from 25% in 2022 to 35% in 2023, a Knight Frank India Real Estate: Residential and Office (July-Dec ’23) report said. Office space transactions were within striking distance of an all-time high of 60 million sq ft. Total office absorption in the top eight cities in 2023 was 59.6 million sq ft, with a 15% jump in transactions, making it the best-performing office market in the world.

Hyderabad, Chennai and Pune were the top three destinations for the GCCs and accounted for more than half of the office space in these cities.