Latest news with #GlobalCapability
Hindustan Times
3 hours ago
- Business
- Hindustan Times
Leasing for GCCs rises 24% in FY25; Bengaluru leads with 65% share in office absorption: Vestian
Leasing of office space for Global Capability Centres (GCCs) rose by 24% in FY 2025, reaching 31.8 million sq ft across seven major Indian cities, according to a report by real estate consultancy Vestian. Leasing of office space for Global Capability Centres (GCCs) rose by 24% in FY 2025, reaching 31.8 million sq ft across seven major Indian cities, (Photo for representational purposes only)(Unsplash) Bengaluru emerged as the top performer, with GCCs accounting for 65% of the city's total office absorption, the highest among the top seven cities. This marks a significant jump from 55% in the previous fiscal, reaffirming Bengaluru's position as the leading hub for GCCs in India. The report noted that the IT-ITeS sector continued to dominate GCC leasing, accounting for a 46% share in FY 2025, although this was down from 53% a year earlier. Meanwhile, the BFSI (Banking, Financial Services, and Insurance) sector saw its share surge to 22% from 14% in the previous year. Also Read: US firms expand office leasing footprint in India; GCCs account for over two-thirds of activity Of the total 31.8 million sq ft leased by GCCs last fiscal, Fortune 500 companies accounted for 13.5 million sq ft, an increase of 25% from 10.9 million sq ft in FY 2024. Notably, Fortune 500 firms contributed to 47% of all GCC leasing in FY 2025, further underscoring the growing appeal of India, particularly Bengaluru, as a global GCC destination. In Pune, IT-ITeS sector accounted for 61% of the total number of GCCs in the city, the highest among other sectors. It is followed by BFSI at 16%, engineering and manufacturing at 7%, automobile at 5%, and healthcare and life sciences at 3%, it noted. IT-ITeS sector dominated GCC absorption with 54% share in FY 2025 in Chennai but the share declined from 61% a year earlier. Despite accounting for only 8% of the total number of GCCs in the city, the share of healthcare and life sciences in absorption increased from 4% to 14% during the same period, it noted. In Mumbai, the city's overall absorption increased by 52% in FY 2025 over the previous year. The uptick was primarily driven by the growth in the GCC landscape as the share of GCCs in the city's total absorption increased from 15% to 26% during the same period, it said. The share of Fortune 500 companies in the overall area absorbed by GCCs rose to 50% in FY 2025 in the NCR from 40% a year ago. These companies leased larger office spaces in the region, which can be substantiated by the fact that the area transacted under large-sized deals increased drastically by 142% in FY 2025, it said. In Hyderabad, GCCs accounted for 46% of the city's overall absorption in FY 2025, the second-highest contribution among the top seven cities. However, the area absorbed under the large-sized deals decreased by 5% in FY 2025 over the previous year, indicating a cautious approach by GCCs in the city while leasing larger office spaces. 'GCCs contribute significantly to the office market in India, accounting for over 40% of the absorption recorded in the past two years. This share is expected to grow even further fueled by the expansion of large conglomerates from various industries such as IT-ITeS, BFSI, healthcare and lifesciences, engineering and manufacturing, and consulting services,' said Shrinivas Rao, FRICS, CEO, Vestian. IT-ITeS sector continued to dominate GCC absorption with 46% share in FY 2025 The IT-ITeS sector continued to dominate GCC absorption with 46% share in FY 2025; however, the share contracted from 53% over the previous year. On the other hand, the share of the BFSI sector surged to 22% in FY 2025 from 14% a year earlier. Similarly, the share of healthcare and life sciences sectors also witnessed an increase from 5% to 8% during the same period, showcasing the growing diversification in the GCC landscape. While the share of engineering and manufacturing dropped from 9% to 4%, the share of consulting services remained largely stable at 6% in FY 2025, it noted. Karan Chopra, chairman and co-CEO, Table Space said "The demand from GCCs for Grade A office spaces in India remains strong. Within this segment, we are seeing a distinct preference for managed workspace solutions. This trend is clearly reflected in the growing adoption of Table Space's managed office offerings.'
Hindustan Times
a day ago
- Business
- Hindustan Times
Chennai only city to see increase in housing demand as overall sales drop 20% in April–June quarter
Housing sales declined by an estimated 20% to 96,285 units during the April–June quarter across seven major cities including Delhi-NCR, Mumbai Metropolitan Region, Bengaluru, Hyderabad, Pune, and Kolkata, down from 1,20,335 units in the same period last year. Chennai was the only city to have recorded an increase in housing demand. This rise was largely driven by the growing presence of Global Capability Centres (GCCs). (Photo for representational purposes only)(Unsplash) Chennai was the only city to buck the trend, recording an increase in housing demand. This rise was largely driven by the growing presence of Global Capability Centres (GCCs) in the city over the past two years, which has fueled a parallel surge in residential demand, an analysis by Anarock has shown. Of all the cities, only Chennai witnessed an 11% year-on-year rise in housing sales, with approximately 5,660 units sold in Q2 2025, compared to 5,100 units in Q2 2024. On a quarter-on-quarter basis, the city saw a sharp 40% jump in sales, it said. Various factors have contributed for the yearly increase in housing sales (11%) in Chennai. The increase in new launches by the developers have contributed to the rise in sales as well in the quarter, 65% yearly increase in new launches while 79% quarterly rise, as per Anarock Research. Also Read: Housing sales drop by 19% across nine cities, and supply dips by 30%.; Mumbai sees steepest decline: Report Chennai added approximately 8,525 housing units in Q2 2025, a quarterly increase of 79% against Q1 2025 and an annual increase of 65%. Over 79% of new supply was added in the mid and premium segments. The city saw approximately 5,660 units sold in Q2 2025, increasing by 40% against Q1 2025. Annually, it saw a 11% rise in sales, the analysis showed. Why was Chennai the only city to defy the trend? The growing demand for office space by the GCCs in Chennai in the last two years has invariably led to high demand for housing as well. Global capability centres, also known as GCCs or GICs, are offshore units of multinational corporations that operate across the globe. These centres are responsible for providing various support services, such as IT, finance, human resources, and analytics, to their parent organisations. Earlier, these units were primarily established to offshore back-office processes, but that is not the case today. GCCs of today handle more complex line items across the organisation's value chain. In Chennai, GCCs leased about a total of 5.29 mn sq. ft. of gross office space in the last two years. Of this, approximately 2 mn sq. ft. was leased in 2023 while nearly 3.29 mn sq. ft. was leased in 2024, thereby seeing a 64% annual rise. 2025 so far continues to see growing demand, as per Anarock Research. Lastly, real estate developers are consciously bridging the demand-supply gap in Chennai which makes housing sales rise in the city as the new supply follows demand, it noted. Overall, the second quarter of 2025 was a rollercoaster for the Indian housing market, rocked by major military actions at home and abroad. 'The war-like climate pushed homebuyers into wait-and-watch mode, compounding the impact of soaring property prices over the past two years. Now, with domestic tensions easing and the RBI's repo rate cut injecting fresh optimism, buyer sentiment is rebounding,' said Anuj Puri, chairman, ANAROCK Group.
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Business Standard
3 days ago
- Business
- Business Standard
Co-working operators' office leases up 48% in top 7 cities: Colliers
Co-working centre operators have rented 65 lakh square feet of office space during the January-June period this year across seven major cities, up 48 per cent on an annual basis, on rising demand for managed and flexible workspaces from corporates, according to Colliers India. Co-working operators leased 44 lakh square feet in the corresponding period of 2024 calendar year across seven cities -- Delhi-NCR, Mumbai, Kolkata, Chennai, Hyderabad, Pune and Bengaluru. The co-working operators take office spaces on rent from real estate developers and property owners and then sub-lease it to corporates of all sizes. Although many corporates have started opting managed office space provided by co-working operators to save cost and hassles, a large number of companies still take conventional workspaces directly from builders and property owners. Colliers India data showed that the total gross leasing or absorption of office space rose 13 per cent to 337 lakh (33.7 million) square feet during January-June 2025 across these seven cities, from 299 lakh (29.9 million) in the year-ago period. "Flexible spaces are increasingly establishing themselves as a key demand driver in India's office market. Given the current momentum, flex spaces are likely to define contours of commercial real estate in India throughout 2025 and beyond," said Vimal Nadar, National Director and Head of Research, Colliers India. Commenting on the data, Darshan Govindaraju, Executive Director at Bengaluru-based Vaishnavi Group, said the surge in office space leasing can be attributed to the robust addition of Grade A office spaces across micro markets in the top seven cities which are attracting occupiers from across the globe. "This, coupled with the sustained confidence of technology enterprises in the India growth story and the robust addition of their GCCs (Global Capability Centers), is helping shore up leasing in these markets," he added. Manas Mehrotra, Founder of 315Work Avenue, said co-working spaces have emerged as the defining feature of India's rapidly evolving commercial real estate. "There continues to be huge traction for flex space from corporates of all sizes as flexible workspace has become a key component in the overall real estate portfolio of corporates to enhance employee productivity, foster collaboration, and optimise operational costs by scaling up or down as per business requirements," he added. Shesh Rao Paplikar, Founder & CEO, BHIVE Workspaces, said the India growth story continues to capture the mindspace of global organisations with their continued investment in the country's technology, GCC, BFSI, insurance and other sectors. Flexible managed workspace is acting as a catalyst in driving consistent growth in office space leasing, he added. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
7 days ago
- Business
- Time of India
Global Capability Centres: India remains top choice; value growth may touch 15% by FY29
AI Image India is set to retain its status as a top destination for Global Capability Centres (GCCs), with global businesses reaffirming their commitment to expanding operations in the country, according to a new report by PwC. As per news agency ANI, the study shows that fewer than 25% of business leaders surveyed are considering relocating their GCCs outside India. Instead, the focus is shifting towards transforming these centres into innovation-led global hubs. "India will continue to be a premier destination for setting up GCCs, with global companies committed to maintaining their presence in the country," the report stated. The PwC report estimates that over 150 new GCCs are expected to be established in India in the coming years. This expansion highlights India's growing reputation as a global sourcing hub, especially in IT and business process services, underpinned by the adoption of artificial intelligence and digital technologies. To support this momentum, the report recommends greater investment in infrastructure by national and state governments. "The national and state governments therefore need to intensify investments in infrastructural development to bolster the Indian GCC landscape," it added. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trading CFD dengan Teknologi dan Kecepatan Lebih Baik IC Markets Mendaftar Undo The report also includes recommendations from industry leaders across both product and service sectors, aimed at enhancing India's appeal as a GCC hub. These include improving ease of doing business, strengthening digital infrastructure, and offering more robust regulatory support. GCCs in India have evolved from being cost-saving back-end units to multifunctional centres of excellence. Described by PwC as "cost-conscious innovators", they are now deeply integrated into the global growth strategies of their parent companies. The report projects that GCCs in India will deliver a value growth of 11-12% during FY25 to FY29. However, with the right policy interventions and infrastructure upgrades, this growth could accelerate to 14-15%, resulting in a weighted average compound annual growth rate (CAGR) increase of 3-4%. As per ANI, the study underscores the critical role of government support in sustaining India's leadership in the global GCC ecosystem and highlights a positive outlook for the sector's future contribution to India's digital transformation. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Broadcast Pro
25-06-2025
- Business
- Broadcast Pro
Skandha and EFC partner to expand Global Media Capability centres
Partnership with space-branded real estate expert delivers next-level offshoring agility for broadcasters, OTT platforms, and media tech firms by managing the entire content lifecycle. Skandha Media Services, a specialist in broadcast and digital media technology powered by cloud, AI and automation, has announced a strategic partnership with EFC Limited, a leader in dynamic workspaces and physical infrastructure. This collaboration is set to enhance Skandha's ability to offer scalable, cost-effective solutions for global media and entertainment (M&E) companies looking to offshore operations through Media Capability Centers (MCCs). EFC, which operates fully managed workspaces across key Indian cities including Mumbai, Hyderabad, Chennai and Gurugram, is already supporting several Global Capability Centres (GCCs) in India. The new alliance builds on that foundation, enabling Skandha to expand its infrastructure and deliver tailored services that support end-to-end media workflows, from broadcast playout and live event production to ad monetization and post-production. India has emerged as a hub for GCCs, with over 1,580 such centres, according to a recent EY report. Of these, about 50 are focused specifically on media and entertainment, forming a niche category known as MCCs. These centres cater to the unique needs of the M&E sector, combining creative, technical, and operational expertise to centralise and scale media activities across sectors such as broadcasting, digital content, sports, gaming, and advertising. MCCs streamline essential operations including localisation, regulatory compliance, VFX, programmatic media buying, news production, audience analytics and content creation. Major global media brands like Disney, ESPN, Bloomberg, Comcast and Warner Bros. Discovery have already invested in such offshoring hubs in India. As part of the collaboration, Skandha and EFC have worked on a high-impact space branding initiative to position Skandha's MCC offerings, showcasing their ability to execute large-scale rollouts with speed and precision. Yogesh Salian, CEO & founder of Skandha Media Services, explained: 'EFC's experienced leadership in workspace and real estate, and its readily available capacity, can easily accommodate our MCC infrastructure. This means we can provide fully outsourced end-to-end services, along with the infra, processes and people to support the entire media workflow spectrum – from broadcast playout, live event support, ad insertion and ad monetisation, to content rights management, content services and post-production processes. 'This collaboration allows us to offer our domestic and international clients not only economies of scale in infrastructure but also highly efficient and scalable operations.' Founder of EFC Ltd., Umesh Sahay said: 'Skandha has become a well-known brand in the region with a strategic vision that will benefit M&E customers worldwide. We're delighted they have chosen EFC to host their MCCs to bolster services and help their customers stay ahead in such a competitive landscape.' The partnership is also strategically aligned with the growing industry trend of prioritizing profitability over expansion. By outsourcing infrastructure and technical operations to Skandha's MCCs, global broadcasters, OTT platforms, and sports media organisations can reduce capital and operational costs while maintaining performance and agility. These services are further enhanced by Skandha's AI-driven workflows, secure enablement, and automated quality control, enabling rapid deployment and execution. With the alliance now in place, Skandha aims to rapidly scale its Global Media Capability Centres, delivering powerful support to M&E brands navigating increasing content demand, accelerated digital transformation, and tightening margins. 'We're confident that our expanded Global Media Capability Center will help amplify brand presence across diverse platforms and environments,' Salian added. 'This partnership will help us to rapidly scale operations and empower our customers to navigate rising content consumption, rapid digitalization and cost pressure with agility.'
