GCCs dominate office space demand in Pune

Pune: New-found liking of Global Capability Centres (GCCs) for Pune's professional ecosystem is driving the demand for office space in the city.GCCs with captive IT centres have cornered 55% of the total offices leased, according to the estimates of Cushman Wakefield. This is higher than the average leasing by GCCs in other metro cities, pegged at 40% of the total space leased.
GCCs setting up offices in Pune are mainly from financial services, engineering, healthcare and IT sectors. These are captive technology centres of foreign companies. A report of realty services firm JLL states that over 2,000 GCCs now operate in India. These occupy around 26 crore sqft of premium office real estate. Of that pie, Pune has cornered around 15-20%. GCCs in the city occupy around 5 crore sqft office space. "The city offers a well-established IT base and a mature engineering and manufacturing ecosystem. Proximity to Mumbai and improved access through the upcoming Navi Mumbai International Airport further enhance Pune's appeal for global enterprises," Moinuddin Patel, Pune MD of the realty service provider, said. Close to 90% of all GCC activities are in the top seven metros in India. Bengaluru witnesses 40% of the total leasing, while Hyderabad has around 23%, as per JLL estimates. "Over the years, India's GCC landscape has expanded rapidly. This growth is fuelled by an ever-increasing demand from key sectors like IT, ITeS, BFSI, healthcare, life sciences, and engineering research and development," Anuj Puri, chairman, Anarock, said.The industry is bullish on GCCs coming to the country as their investments continue despite the global uncertainty. By 2030, the number of GCCs operating in India is expected to reach 2,400, which will employ around 28 lakh people, as per a joint report by Ficci and Anarock.
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