Chennai: The city is emerging as a preferable destinations for investors and business owners. Owing to the growing demands by companies across various sectors and industries, the city targets to add 12-13 million sq ft of premium office space between 2025 and 2026. An analysis by real estate consulting firm CBRE South Asia Pvt Ltd revealed that Chennai is third in Global Capability Centres (GCC) leasing activity after Bengaluru and Hyderabad from 2022 to September 30, 2024.
"The city has witnessed GCC office absorption increasing from 1.4 million sq ft in 2022 to 2.3 million sq ft in the first nine months of 2024. GCCs would lease 3-3.2 million sq ft in 2025 in Chennai. By 2030, the GCC units in the city is expected to reach 450-460 units," it stated.
As of now, there are about 250 Global Capability Centres (GCC), employing over 1.50 lakh professionals, constituting about 11 per cent of the total GCC talent in Chennai. Now, the authorities aim at expanding its presence to 460 units by 2030, it said.
What Are Global Capability Centres (GCCs)?
Global Capability Centres (GCCs) are centralized units or offices set up by multinational corporations (MNCs) in different countries, primarily to handle specific business functions such as finance, IT, customer service, research and development (R&D), human resources, and supply chain management. These centres allow companies to tap into global talent pools, reduce operational costs, and improve service efficiency.
GCCs serve as key hubs for delivering critical services across regions, and they often play a strategic role in supporting the parent company's operations globally. In cities like Chennai, GCCs are expanding rapidly due to the availability of skilled talent, cost-effective infrastructure, and favorable government policies.
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The real estate consulting firm CBRE, recently, released the report 'Tamil Nadu: The Epicentre of Capability and Innovation Leadership' which highlights the city's rising prominence as a key destination for GCCs. The talent pool for the Global Capability Centres is expected to touch 3.20 lakh to 3.70 lakh by 2030.
"This growth is underpinned by a diverse talent mix of experienced professionals and fresh graduates, further strengthened by the state government's initiatives in workforce training and industry-academia collaboration," it said.
"The availability of robust infrastructure, proactive government policies and quality office development are aligned to meet the needs of global corporates. Between 2025-26, the city is set to add 12-13 million sq ft of premium office space tailored to enhance employee experience and offer state-of-the-art amenities," the report said.
(With Inputs from PTI)