India’s office real estate market has experienced significant growth recently, largely driven by Global Capability Centers (GCCs) seeking expansion opportunities in the global offshoring industry.
Surge in Hyderabad’s Office Leasing
Hyderabad’s offshoring market saw a significant leasing volume of 6.6 million square feet in 2023, marking the second-highest office transactions among eight offshoring markets in India. This growth constitutes 32% of total office transactions across the country. Compared to 2022, office transactions in Hyderabad surged by over 53% from the 4.3 million square feet transacted.
India’s Leading Offshoring Market
A recent Knight Frank report titled “Asia Pacific Horizon: Harnessing the Potential of Offshoring” recognizes India as one of the top offshoring destinations globally. In 2023, India’s offshoring market leased 46% of total office space, with GCCs being the major offshore occupiers.
Notable Growth in Offshoring Leasing
India’s offshoring market achieved an overall leasing volume of 27.3 million square feet in 2023, representing a 26% increase from the previous year. The growth is attributed to the expansion of GCCs, which now operate more than 1,580 centers across the country.
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The Impact of GCCs on Indian Leasing
The role of GCCs in Indian leasing transactions has been on the rise, increasing from 25% in 2022 to 35% in 2023. This substantial growth highlights the importance of GCCs in driving the Indian real estate market’s success.
Overall, the continued surge in office leasing, particularly in Hyderabad and across India’s offshoring market, demonstrates the country’s position as a leading player in the global offshoring industry.
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