A recent report from Knight Frank India reveals that Hyderabad’s offshoring market experienced a surge in leasing activity, reaching 6.6 million square feet in 2023. This volume accounted for the second-highest office transactions across eight offshoring markets in India, comprising 32% of the total. The office transactions in Hyderabad’s offshoring market surged by over 53% year on year during 2023 from 4.3 million square feet in the year 2022.
Titled ‘Asia Pacific Horizon: Harnessing the Potential of Offshoring,’ the report underscores India’s prominence as a top offshoring destination globally. In 2023, India accounted for over 46% of office space leasing, with Global Capability Centres (GCCs) emerging as the largest offshore occupier. The GCC landscape in India expanded significantly, with over 1,580 centres nationwide in 2023. Their share in Indian leasing transactions rose from 25% in 2022 to 35% in 2023.
“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. 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,” said Viral Desai, Senior Executive Director, Occupier Strategy and Solutions, Industrial and Logistics, Knight Frank India.