‘More than 46% of office space leased in India is by offshoring industry’

April 17, 2024 09:43 pm | Updated 09:44 pm IST - Bengaluru

More than 46% of office space leased in India is by the offshoring industry and the country witnessed an overall leasing volume of more than 27 million sq. ft during calendar 2023, a 26% growth over the previous year, according to realty advisory firm Knight Frank.

In its latest report titled ‘Asia Pacific Horizon: Harnessing the Potential of Offshoring’, India has been cited among the leading offshoring locations in the world.

Viral Desai, Senior Executive Director, Occupier Strategy & Solutions, Industrial & Logistics, Capital Markets and Retail Agency Knight Frank India, said, India has been a traditional leader in the outsourcing market and the “meaningful policies of the government” has augmented its position with a unique proposition of a high-skill, low-cost market. “Over the past decade, India has transformed itself from a cost-effective centre into a value-adding captive centre. The growing share of Global Capability Centres (GCC) in total leases will remain supportive of office market demand in 2024. Further it is projected that GCCs will potentially drive the office market in the next decade,” he added.

By 2030, there will be an estimated 2,400 GCCs across India as it emerges as a global technology and services hub. Assuming a similar pace of growth, the number of GCCs in India may scale up to 2,880 by 2034, according the realty advisory firm.

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