Multinationals draw up plans to build captive facilities here for global cos

Bengaluru: Leasing of office space for setting up global capability centers (GCCs) could pick up in the medium term, as more multinationals draw up plans to build such captive facilities in India to serve their operations globally, according to experts in the real estate market.

MNCs having large GCCs in India include Deloitte, Wells Fargo, Micron, Accenture and Morgan Stanley. These GCCs occupy around 8 million sq.ft. of office space in India. Despite economic uncertainties in their home markets, MNCs are selectively considering setting up these facilities in India and cost-effectiveness isn’t often the primary reason for this now. “GCCs have become an important contributor
towards high-value job creation in India, and the commercial real estate fraternity in India sees this as an opportunity

As per a Cushman & Wakefield report, GCCs have been consistently accounting for nearly one-fifth of all space transacted (gross leasing volume) in India. Technology, BFSI and R&D sectors have been witnessing healthy activity in the GCC space, with large occupiers either establishing or expanding their India centres, said Cushman & Wakefield.

Source : https://economictimes.indiatimes.com/industry/services/property-/-cstruction/leasing-office-space-for-setting-up-gccs-in-india-to-pick-up-in-medium-term/articleshow/98005796