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#606 India's Office Space Boom: Why Global Firms Are Betting Big On GCCs
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In this episode of The Core Report Weekend Edition, Govindraj Ethiraj speaks with Anshul Jain, Chief Executive - India, SE Asia & APAC Tenant Representation at Cushman & Wakefield, to unpack the sharp rise in commercial real estate demand across India — especially driven by Global Capability Centres (GCCs), domestic expansion, and post-pandemic workplace shifts.
From Bangalore’s dominance in leasing activity to the rise of institutional investors, Anshul breaks down the numbers, the sectors driving growth (like BFSI, pharma, and engineering), and how green buildings, amenities, and hybrid work models are transforming modern office demand.
The conversation also explores:
a) Why GCCs are driving a third of India’s office space demand
b) How net absorption post-COVID surged by over 30%
c) The premiumization of office space and rise of Grade-A infrastructure
d) The future of REITs and office investments in India
e) Key policy and infrastructure gaps that must be addressed to sustain growth
🎙️ This is a must-watch for anyone tracking India’s commercial property market, real estate investments, or the future of work in India.
Timestamps:
(00:00) Introduction
(01:20) Office Space in India
(03:13) Absorption
(05:30) GCCs
(06:30) Other Sectors
(10:50) Office space, GDP growth, Offshoring
(12:38) Global companies vs Indian companies
(15:00) Factors driving demand
(18:52) Understanding the supply side
(20:44) Supply Trends in India
(22:29) Demand is outstripping Supply
(23:38) Institutional Investors
(25:38) Office Space v Residential
(27:25) Entry and exit plans
(29:02) Problems of Land and Ownership structure
(30:29) Disaster resilience
(32:50) Build-to-sell v build-to-rent
(34:24) What allows GCCs to flourish
(38:30) A good office space
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