GCCs now contribute 28% of office space leasing
In 2024, global capacity centers leased 24.9 million sq ft, tripling from 2022. India saw a record 89 million square feet of gross leasing volume, driven by IT-BPM, engineering, manufacturing, BFSI, and flexible sectors. Despite high demand, Grade-A office supply struggled to keep up. A recovery in supply is expected in 2025.
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