1、CBRE RESEARCHAugust 2024REPORTEVOLVING WORKFORCESThe India GCC Revolution:Where Real Estate and Talent ConvergeContentsSection 1GCCs:Redefining the Indian Talent LandscapeSection 2The Strategic Imperative:Talent and Real Estate in GCCsSection 3GCCs Evolution:A Decade of Change from Support to Transf

2、ormativeSection 4GCCs as Real Estate Catalysts in IndiaSection 5From Delivery to Leadership:Driving Innovation&Workplace Evolution in IndiaSection 6GCC Leasing:A Shifting Paradigm Beyond Tech&BFSI Section 7Evaluation of Talent Spread across sectorsSection 8GCC Leasing on a Solid FootingSection 9Navi

3、gating the Skill Shift in GCCsSection 10Looking Ahead-Driving the Next Wave of GlobalizationEMPLOYEE WELL-BEING:Robust physical and mental health initiatives,such as on-site fitness centres and mental health support,are prioritised,creating a conducive work environment.STRATEGIC LOCATION:While cost-

4、efficiency remains crucial,GCCs are increasingly choosing well-connected locations with accessible public transportation and amenities to cater to diverse workforces.INSPIRING WORKSPACES:Modern GCCs prioritise inspiring workspaces that foster productivity,collaboration,and innovation through flexibl

5、e work environments empowered by a diverse mix of space and recreational settings.TALENT DEVELOPMENT:Robust training programmes,mentorship,and clear career paths demonstrate GCCs commitment to employee growth,empowering them to excel within the organization.CBRE RESEARCH2024 CBRE,INC.The India GCC R

6、evolution:Where Real Estate and Talent converge3Global corporations have transformed their captive centres in India from basic service providers to engines of innovation.Once focused on entry level work in the early 2000s,Global Capability Centres(GCCs)are now driving digital transformation and prod

7、uct excellence,becoming an essential part of any leading global firm.While initial benefits stemmed from cost savings,GCCs now leverage Indias deep pool of skilled tech talent and its thriving start-up ecosystem.These GCCs are creating a work environment that is not only financially rewarding but al

8、so fosters well-being,growth,and innovation.This holistic approach positions them to attract and retain the best talent,solidifying their position as global innovation hubs.GCCs:Redefining the Indian Talent LandscapeCBRE RESEARCHThe India GCC Revolution:Where Real Estate and Talent converge2024 CBRE

9、,INC.4In the contemporary global landscape,human capital and real estate stand as the foundational pillars of GCC prosperity.By cultivating an environment that allures and retains exceptional talent through avant-garde workspaces,GCCs forge a formidable competitive edge.OPTIMISED PERFORMANCE:GCCs ar

10、e revolutionising their approach by recognising these assets as strategic investments rather than mere expenditures.Modern,employee-centric workspaces not only enhance performance but also catalyse innovation.By offering state-of-the-art real estate with a global outlook,GCCs can attract a diverse,s

11、killed workforce.COST-EFFECTIVENESS:GCCs are positioning themselves as cost-competitive alternatives to established hubs.By synergising a robust talent pool with strategically envisioned real estate spaces that stimulate collaboration and productivity,they can redefine the business landscape.Indias

12、Strategic Imperative:Talent and Real Estate in GCCsTALENT STACKINGREAL ESTATE DYNAMICS1.NASSCOM Priming for a no normal future,March 20232.NASSCOM-Zinnov,June 20233.Future Skills Prime,NASSCOM Insights,AICTE,CBRE,November 20234.Morgan Stanley,Why This Is Indias Decade,November 20235.CBRE Research,Q2

13、 20246.CBRE Country reports,H1 20235.4 millionGCCs are heavily reliant on this large tech talent workforce available in India11.66 millionCurrently installed talent in GCCs in India2190,000 GRADUATES Across Science,Technology,Engineering and Mathematics,Indias top six cities provide ample scope for

14、GCCs to expand3The average salary of a software professional in India is 1/10TH COMPARED TO THE TALENT COST IN THE US for a similar role,making a GCC set up in India much more cost-competitive4Rentals in top Indian cities are about 50%lower than competing Asian markets6Rentals in top Indian cities a

15、re about 60%lower than cities in Eastern Europe6USD 14 billion Investment flow5 between 2019-H1 2024 in the office sector,resulting from attractive returns880+million sq.ft.Grade A real estate office stock5 in top nine cities of IndiaInitially,GCCs primarily sought cost-effective labour for rudiment

16、ary functions such as voice-based services and data entry.As GCCs matured,they transitioned towards a knowledge-based economy,prioritising service delivery excellence until approximately a decade ago.Since 2015,Indian GCCs embarked on a new trajectory,evolving into strategic business partners and sp

17、earheading digital transformation.A discernible shift is evident as nascent Indian GCCs predominantly establish multi-functional centres encompassing engineering,research,and development,information technology,and business process management.These versatile portfolios are operationalised through a r

18、obust,scalable multi-centre model,fostering heightened ownership and unparalleled scalability.Concurrently,Indian GCCs underwent a profound talent transformation.Aligned with their strategic pivot,they focused on acquiring talent with specialised proficiencies.As traditional industries digitalise,th

19、e demand for specialised skills is escalating.Due to supply-demand disparities,global enterprises grapple with a formidable challenge in recruiting specialists.Indias abundant tech and non-tech talent pool is increasingly becoming a global solution.Despite the layoffs witnessed in 2023,global corpor

20、ations expanded their Indian workforce over the years,solidifying the countrys position as a preferred global expansion destination.North American MNCs continue to dominate the GCC landscape,while European,Middle Eastern,and African MNCs have made substantial inroads in India over the past four year

21、s.These GCCs seek individuals possessing a harmonious blend of technical acumen,interpersonal abilities,and a learning ethos.The capacity to thrive in a dynamic,global work environment is equally indispensable.To attract and retain top talent,GCCs are prioritising experiential workplaces housed in p

22、remium Grade A developments.GCCs Evolution:A Decade of Change from Support to TransformativeIndian GCCs are co-piloting transformative initiatives with their headquarters,developing novel products,pioneering technological breakthroughs,leveraging open innovation,and serving as beacons of business ex

23、cellence for parent organizationsCBRE RESEARCH2024 CBRE,INC.The India GCC Revolution:Where Real Estate and Talent converge5Source:CBRE Indias Global Capability Centres-Charting a New Technology Era,2023TalentExcellenceWell-developedTechnology EcosystemKnowledgeprocessoutsourcingDelivery centresand c

24、oreoperationsSinglefunctionprovidersOrganizationalvaluecreationSecondheadquartersGCCmonetisationInnovation-ledstrategic servicesBusiness transformation through R&D and innovationEnhancingnew capabilitiesProvensuccessLeadershipProminence2000s-2015s2015-FutureMid1990s-2000smidDeep and Wide Technology

25、ecosystemAbilityTo ScalePresentBusiness Process OutsourcingBack-endsupport servicesSupportfunctionsCostAdvantage(Talent+Real estate)GlobaltransformationhubsStrategicbusinesspartnersKEY SUCCESS FACTORSGCC FUNCTIONSKEY SUCCESS FACTORSGCC FUNCTIONSKEY SUCCESS FACTORSGCC FUNCTIONSKEY SUCCESS FACTORSGCC

26、FUNCTIONSCBRE RESEARCHThe India GCC Revolution:Where Real Estate and Talent converge2024 CBRE,INC.6Figure 1:GCCs evolutionCBRE RESEARCHThe India GCC Revolution:Where Real Estate and Talent converge2024 CBRE,INC.7GCCs constitute a substantial office occupier cohort within Indias commercial real estat

27、e domain,often pioneering adaptation and innovation for other tenant categories.Pursuing agility,efficiency,and resilience,numerous corporations have established multi-functional GCCs in the country.Propelled by a skilled workforce,cost-efficiency,and a conducive business climate,these GCCs have sig

28、nificantly amplified their Indian operations over recent decades.Additionally,these efforts were magnified post COVID-19,followed by adoption of hybrid work models and positive macro-economic sentiments.While Fortune 500 companies already held a robust Indian GCC presence,the post-pandemic era usher

29、ed in a transformation.Fuelled by pent-up demand from 2020 and the imperative to accelerate deep technology integration,GCC office space absorption has surged in India since 2021.Macroeconomic challenges in developed economies further catalysed this growth as businesses sought cost-effective alterna

30、tives.GCCs as Real Estate Catalysts in IndiaFORTUNE 500 GCCS EXPANDED INTO EMERGING MARKETSH1 2024 leasing by GCCs up 8%YoYLeasing by GCCs accounted for 37%of the total leasing during H1 2024EXISTING GCC FACILITIES CONSOLIDATED WITHIN PREMIER OFFICE DEVELOPMENTS IN SPECIFIC CITIESSMALL TO MID-SIZED

31、FIRMS TESTING INDIAN MARKETS AND LEASING WITHIN FLEXIBLE WORKSPACES AS WELL0.05.010.015.020.025.030.035.040.0H1 2022H2 2022H1 2023H2 2023H1 2024(million sq.ft.)42%22%39%34%37%Source:CBRE Research,Q2 2024Source:CBRE Research,Q2 2024Figure 2:GCC leasing in comparison to overall leasing53 million sq.ft

32、.of space leased by GCCs between 2022-H1 2024As the GCC ecosystem matures,Indian tech talent is transcending its traditional service delivery role,progressively assuming product ownership.This paradigm shift is transformative for both domestic talent and global corporations.A pivotal factor in this

33、shift has been the creation of global leadership roles within GCCs in India and the emergence of GCCs as second headquarters.This nurtures homegrown talent equipped with the vision,skills,and experience to lead global teams and initiatives.By 2030,India is poised to generate an astounding 20,000 glo

34、bal roles from this ecosystem,solidifying its position as an innovation and leadership epicentre7.Global exposure programmes and the intrapreneurship model emerge as the pathways for Indian GCCs to forge global roles.These extend beyond back-office functions,necessitating collaboration with diverse

35、stakeholders,often including direct client interaction.This redefines the traditional Indian GCC,positioning local teams as architects of product,service,and even company-wide strategies.Geographically dispersed teams,spanning multiple countries,collaborate seamlessly,harnessing the power of a diver

36、se,globally connected workforce.From Delivery to Leadership:Driving Innovation&Workplace Evolution in IndiaFigure 3:Flight-to-quality GCC leasing trendsFLIGHT-TO-QUALITYEMPLOYEE EXPERIENCEGCCs are gravitating towards modern,integrated parks offering amenities such as F&B outlets,walkability,outdoor

37、spaces,ample parking,fitness centres,wellness facilities,and community events.As office occupancy rises and workplaces become collaboration and ideation hubs,firms are investing heavily in bespoke,engaging workplace experiences.Occupiers are likely to invest in experiential workplaces fostering coll

38、aboration,enhancing productivity,and promoting well-being.CBRE RESEARCHThe India GCC Revolution:Where Real Estate and Talent converge2024 CBRE,INC.8Non-certified assets less than 10 years;not part of integrated tech parksOfice assets older than 10 yearsGreen-certified assets less than 10 years;not p

39、art of integrated tech parksNon-certified assets less than 10 years;part of integrated tech parksGreen-certified assets less than 10 years old;part of integrated tech parks68%17%7%6%2%Top LeaseDeals in 2022H1 20247.India GCC Juggernaut:Unleashing India Capability Stack,May 2024Source:CBRE Research,Q

40、2 2024Cultivating a culture of ownership,GCC leadership in India is reimagining the workplace.CBRE RESEARCHThe India GCC Revolution:Where Real Estate and Talent converge2024 CBRE,INC.9Global corporations are affirming their long-term commitment to India by securing larger office spaces for their GCC

41、s.This expansionary trend,indicative of anticipated growth,emphasises scalability.North American firms remain the dominant force,and their share of GCC leases has augmented during the pandemic.Technology and banking,financial services and insurance(BFSI)corporates have historically been the primary

42、GCC office space occupiers.However,niche firms including hedge funds and private equity firms are expanding,recognising the strength of Indias talent.Engineering and manufacturing(E&M)companies are expanding their footprint in India,likely influenced by supply chain diversification strategies.Life s

43、ciences GCCs too have exhibited an increased appetite for expansion in the country,driven by the need to digitalise services and foster product development.GCC Leasing:A Shifting Paradigm Beyond Tech&BFSIOver the last two-and-a-half years,technology GCC companies have leased about15 million sq.ft.of

44、 office space-38%of overall technology leasingThe share of BFSI GCCs increased to 22%during H1 2024 as global banking and insurance firms leased large spaces in Mumbai,Bengaluru,and PuneSource:CBRE Research Q2 2024Figure 4:Leasing split by sector0%20%40%60%80%100%20222023H1 2024Banking,financial ser

45、vices,insuranceTechnologyEngineering&manufacturingLife sciencesResearch,consulting&analyticsOthersLifeSciencesResearch,Consulting&AnalyticsEngineering&ManufacturingBanking,FinancialServices,InsuranceTechnologyBusinessDevelopment+SalesMarketingFinanceOperationsSupportHRHIGHLOWEngineering+InformationT

46、echnologySample size of 150 key GCCs across India chosen randomlySource:CBRE-Zyoin insights as on June 2024The colour gradient signifies concentration of the talent across the functionsNote:The details of these key functions are explained in the AnnexureCBRE RESEARCHThe India GCC Revolution:Where Re

47、al Estate and Talent converge2024 CBRE,INC.10CBRE and Zyoin jointly analysed a set of key GCC firms in India,across industry sectors to understand the spread of installed talent across key functions/domains in the organization.As per Zyoin,the seven key functions/domain across most of these organiza

48、tions include:Engineering+Information Technology,Business Development+Sales,Finance,Operations,Human Resources,Support and Marketing.The study revealed a diverse workforce segmentation across multiple functions,demonstrating Indias deep pool of talent.Evaluation of Talent Spread across sectorsFigure

49、 5:Spread of installed talent across key functionsAs per the analysis of the workforce composition in top GCCs,engineering+information technology has emerged as the top function comprising of the largest share of the workforce.This has been necessitated by the digitalisation efforts being undertaken

50、 across sectors.In the technology and E&M sectors,the workforce in the operations function is also seen to be prominent.In the BFSI sector,GCCs workforce composition continues to be driven by the engineering+Information technology function,followed by the business development+sales function and fina

51、nce function respectively.Further to the above key functions,the talent is also spread across other minor functions.8.CBRE,India Office Occupier Survey 2024Talent acquisition has been a paramount factor in GCC expansion strategies.CBREs survey reveals that approximately 67%of GCCs intend to increase

52、 their office portfolios by at least 10%within the next two years8.This growth trajectory is anticipated to be concentrated in Indias top six metropolitan areas,driven by their exceptional talent pools,enabling expansion and future development.GCC Leasing on a Solid FootingCBRE RESEARCHThe India GCC

53、 Revolution:Where Real Estate and Talent converge2024 CBRE,INC.11Figure 6:Spread of GCC deals across key cities(2022 H1 2024)MumbaiPuneBengaluruDelhi-NCRGurgaon-NH-8(Before Rajiv Chowk)ChennaiHyderabadIT Corridor II40%Outer Ring RoadOMR Zone I12%SBD-Kharadi4%14%21%9%WesternSuburbs 253 million sq.ft.

54、2022-H1 2024 City GCCleasing share as aproportion of Pan-IndiaGCC leasingTop micro-market during2022-H1 2024of space leased by GCCs between 2022-H1 2024Source:CBRE Research,Q2 2024CBRE RESEARCHThe India GCC Revolution:Where Real Estate and Talent converge2024 CBRE,INC.12MumbaiPuneBengaluruDelhi-NCRC

55、hennaiHyderabad34%12%12%10%12%16%9.India Briefing,202310.CBRE Research,Q2 2024Chennai has emerged as a major GCC hub,underpinned by a vibrant technology sector and robust manufacturing base.The citys educational prowess in STEM fields attracts new GCC entrants.Tamil Nadus R&D Policy 2022 offers attr

56、active incentives to GCCs and R&D centres.The city witnessed 6 million sq.ft.of GCC office space leases over the 2023-H1 2024,constituting 17%of the total GCC leasing during this period10.Extending beyond the realms of technology and E&M sectors,the city also hosts a prominent presence of leading gl

57、obal banking companies.Pune,historically a BFSI GCC stronghold,is experiencing renewed interest from E&M and technology firms.Competitive real estate costs,a cosmopolitan talent pool,and proximity to an automotive and engineering hub make Pune attractive to GCC occupiers.Led by large deals,Pune acco

58、unted for the second-highest share in GCC leasing during H1 202410.Figure 7:GCC installed talent across citiesBengaluru reigns supreme as the GCC epicentre in India,distinguished by a dominant talent pool,a mature technology ecosystem,and a thriving start-up landscape.The city boasts a two-million-s

59、trong technology workforce,the largest in India9.While technology and BFSI sectors remain the primary demand drivers,retail,aerospace,semiconductor,and life sciences companies are establishing niche GCCs.Karnatakas forthcoming GCC policy is anticipated to stimulate their establishment and foster job

60、 growth within the city.Hyderabad has ascended to GCC prominence due to the governments proactive policy framework and efficient urban infrastructure.The city attracts talent from across the nation,offering a compelling proposition for GCCs.An enhanced lifestyle and lower costs further incentivise G

61、CC setups.Source:NASSCOM-Zinnov,June 2023Source:CBRE-Zyoin insights as on June 2024Share of GCC talent as a proportion of total GCC talent(June 2023)By cultivating a highly skilled workforce and adopting innovative learning methods,GCCs In India can establish themselves as Global Centres of Excellen

62、ce.This transformation is crucial to ensure their continued success in a dynamic market landscapeSTRATEGIC INVESTMENTPERSONALISED LEARNINGEXPERIENTIAL LEARNINGLEADERSHIP DEVELOPMENTMEASUREMENTAND EVALUATIONA strategic,multifaceted upskilling approach is essential to cultivate a future-ready workforc

63、e.Below are some focus areas:CBRE RESEARCH2024 CBRE,INC.The India GCC Revolution:Where Real Estate and Talent converge13The evolution of GCCs from operational back offices to technology and innovation hubs necessitates a profound transformation in workforce skill.Historically,GCC skill sets were cen

64、tred on operational support and routine task efficiency.However,the pivot towards technology and innovation demands a broader,specialised technical skill set.A surge in demand for digital and machine learning proficiencies,including artificial intelligence(AI),applied machine learning,data analytics

65、,cybersecurity,blockchain,augmented reality app design,engineering,and UI/UX design,is evident.Navigating the Skill Shift in GCCsIDENTIFYING NEW-SKILLS TALENT As GCCs prioritise operational resilience,the demand for emerging tech talent intensifies.Establishing a framework to cultivate a talent pipe

66、line with these niche skills is imperative.RESKILLING THE WORKFORCE Targeted upskilling investments can significantly enhance GCC capabilities,aligning them with evolving business and technological landscapes.Key GCC Talent Management tenets include:DEVELOPING LEADERSHIP AND GLOBAL ROLES Nurturing s

67、enior talent across domains would be another critical GCC focus.The India GCC Revolution:Where Real Estate and Talent convergeFurther to the joint analysis,CBRE and Zyoin examined the key skill sets currently in demand including those within installed talent as well as requirements across open job p

68、ostings.Within the technology sector,knowledge of skill sets such as Java,SQL are in higher demand.Additionally,fundamental skills including software development/coding,engineering,C,C+,Python are also coveted.TECHNOLOGYBFSIE&MWithin the BFSI sector,knowledge of skill sets around banking,investing,i

69、nsurance,mortgages,securities,ability to build financial models or financial statement,financial analysis,risk assessment,financial planning among others are in demand.Within the Engineering&Manufacturing sector,knowledge of skill sets around manufacturing,software development,a background in mechan

70、ical engineering is much preferred.Source:CBRE-Zyoin insights as on June 2024Note:The font size of the skill sets mentioned in the infographic above signify the demand intensity.Bigger the font size,higher the demand.CBRE RESEARCHThe India GCC Revolution:Where Real Estate and Talent converge2024 CBR

71、E,INC.14CBRE RESEARCHThe India GCC Revolution:Where Real Estate and Talent converge2024 CBRE,INC.15The GCC model is poised for a transformative evolution over the next few years,elevating Indias role to a global innovation hub and leadership epicentre.As GCCs mature and new centres emerge with unpre

72、cedented sophistication,GCCs in India are destined to evolve into headquarter partners,or even independent headquarters.This ambitious vision for 2030 is not merely aspirational but a tangible possibility through strategic execution.A burgeoning array of industries is recognising the potential of In

73、dian talent,establishing their GCC footprint.The future promises further diversification as life sciences,automobiles,and aerospace sectors expand their GCC presence in India.With a strategic roadmap for 2024 GCC development,the country is poised to spearhead the next wave of globalisation.By levera

74、ging AI,cultivating strong leadership,and fostering collaborative ecosystems,GCCs in India can deliver unparalleled value to global businesses.Looking Ahead-Driving the Next Wave of Globalization 11.CBRE-Zyoin insights as on June 2024Major GCC firms are looking to increase their workforce across the

75、 country.Across industry sectors,GCCs in India have over 200,000 open job positions across various skill sets11.Major sectors looking to hire include tech,BFSI,E&M,RCA and Life sciences.These requirements span across fundamental skillsets mentioned earlier,in addition to new technologies such as AI-

76、ML,Cloud Computing,Auto Engineering,Financial Analytics among others.AUTOMOTIVE CORPORATES Automotive GCCs in India have established a robust foundation characterised by trust,agility,and adherence to cost and delivery commitments for global headquarters.The ensuing decade promises expanded automoti

77、ve GCC operations,with auto component innovation as a focal domain.Some other focus areas for these GCCs include the below.Product design and developmentSupply chain optimisation and procurementInnovation through the usage of smart/sustainable materials 12.NASSCOM-Zinnov Oct-Dec GCC Quarterly Analys

78、is,March 2024LIFE SCIENCES FIRMS Propelled by medical advancements,enhanced care quality,and evolving compliance and regulatory frameworks,global life sciences firms are expanding their Indian GCC footprints.The countrys lower operational costs and diverse population,which facilitate clinical trials

79、,provide key advantages to these firms.Life sciences GCCs are pioneering work on various aspects,as below.Development of medical devicesClinical trial data analysis&insightsProduct innovation,including medical imaging R&DSEMICONDUCTOR FIRMS Firms from the semiconductor sector are experiencing signif

80、icant growth,expanding their GCC operations in India.Notably,semiconductor companies accounted for approximately 30%of new GCC establishments during the October-December 2024 quarter12.The convergence of AI and automation across industries is driving heightened demand for advanced semiconductors,par

81、ticularly within the technology,automotive,consumer electronics,and data centre domains.Core activities within these GCCs encompass the below.Semiconductor waferdesignQuality assurance&testingEnd-to-end development of chips for specific sectors162024 CBRE,INC.The India GCC Revolution:Where Real Esta

82、te and Talent convergeCBRE RESEARCHEMERGING SECTORS IN THE GCC SPACE While traditional sectors including technology,E&M and BFSI have been the mainstay of GCC activities,several new sectors are poised to establish their GCCs in India owing to their ongoing digitalisation efforts.PROVIDING REGULATORY

83、 SUPPORTBuilding a strong regulatory framework for aspects such as transfer pricing of high-value services and Intellectual Property(IP)creation mechanisms could smoothen GCCs operational aspects.THRUST ON R&DWhile the government has boosted start-ups through its Start-up India mission,deeper partne

84、rships with R&D institutes and universities,can aid in skill development.Increasing R&D spends would likely bolster innovation in the country,strengthening the GCCs.ENHANCING TECHNOLOGY ECOSYSTEMPromoting innovation through incentivising start-ups,enhancing funding opportunities for technologies,nur

85、turing incubation centres,and higher digital inclusion would foster a more vibrant technology ecosystem in the country.BRIDGING THE TALENT GAPIndia boasts a substantial engineering talent pool,enabling firms to expand across diverse roles.The emergence of AI and ML as pivotal technologies underscore

86、s the imperative for robust talent reskilling.As seen in the figure alongside,Indias AI-ML talent pool lags approximately 44%behind the US,presenting a significant upskilling opportunity.Figure 8:Top countries in engineering talentSoftware Engineering TalentSoftware Engineering TalentSoftware Engine

87、ering TalentAI-ML Engineering TalentAI-ML Engineering TalentAI-ML Engineering TalentCHINAINDIAUS3.4 million3.3 million1.6 million400,000446,000786,000Opportunities for sustainable growth of GCCs in IndiaThe Indian economy has been resilient in the wake of global economic challenges and is likely to

88、emerge as the third-largest economy in the world by 202713.Indias maturing start-up industry,which has a symbiotic relationship with GCCs,is also expected to see greater collaborations,fuelling the growth of these global centres innovation ecosystem.Indias GCCs contribute significantly to the nation

89、al economy,accounting for over 1%of GDP14,with this figure poised for further growth.Streamlined regulations,flexible labour laws,and efficient approval processes have fostered a conducive business environment.Collectively,these GCCs generated USD 46 billion in revenue during 2023,constituting appro

90、ximately 1%of Indias GDP14.The share in GDP is expected to rise further as GCC continue to experience a period of rapid growth.The recent corporate tax reduction to 35%for foreign companies,as announced in the July 2024 budget,is expected to further attract global players.13.Press Information Bureau

91、,January 202414.India Economic Survey,July 2024Source:Zinnov,CoE Hotspots of the World,May 2024;Software Engineering talent includes Software Developer,QA Engineer,DevOps Engineer,Database Administrator,Engineering Manager,Product Man-ager,Solution Architect,IJX/UI Designer and Technical Writer;AI-M

92、L Engineering talent includes AI&ML Engineer,Data Scientist,Data Engineer,Data Analyst,Business Analyst,Al Researcher172024 CBRE,INC.The India GCC Revolution:Where Real Estate and Talent convergeCBRE RESEARCHCBRE RESEARCHThe India GCC Revolution:Where Real Estate and Talent converge2024 CBRE,INC.18I

93、ndia remains a cornerstone for GCC expansion,driven by its economic resilience and a burgeoning startup ecosystem.The countrys vast talent pool,coupled with its cost advantages,solidifies its appeal.The market is witnessing a dual trend:expansion of existing firms into multi-functional centers and e

94、ntry of smaller players seeking digital and technological upgrades.While hybrid work persists,the demand for larger office spaces underscores the imperative for collaboration and innovation.A preference for high-quality,technology-driven workspaces is evident,with large-scale campus developments eme

95、rging as a strategic focus for established players.GCCs are poised to significantly augment their Indian footprint,demanding both conventional and flexible office spaces.A robust pipeline of premium office spaces is expected to cater to this growing demand from GCCs.RE Outlook Availability of fresh

96、and experienced talentCost of talentSupportive regulatory frameworkAvailability&cost of quality real estateGCCs GROWTH FACTORSmillion sq.ft.GCCs LEASING H2 2024-2025FGCCs upsurge in India to bolster Indias commercial real estate30-35CBRE RESEARCHThe India GCC Revolution:Where Real Estate and Talent

97、converge2024 CBRE,INC.19Business Development+salesSales,business development that includes all types of sales(inbound and outbound)FinanceAll finance roles including analysis,planning,auditing,budgeting,and other financial product specific roles excluding accountingHRHR operations,HR Information Sys

98、tem,generalist,recruitment,compensation and benefits,etcMarketingBrand marketing,digital marketing,SEO,and all marketing-related roles includedOperationsIn-house operations,supply chain management,vendor management,etcSupportAll support functions,also customer success support functionsEngineering+In

99、formation technologyAll software development roles,information technology,R&D work,and engineering roles including but not limited to computer science,automotive,mechanical,infrastructureAnnexureMicro-markets and locationsDescription of key functionsBengaluruORR-Marathalli,Marathahalli Outer Ring Ro

100、ad,Off Outer Ring Road,Outer Ring Road,Sarjapur Outer Ring RoadChennaiOMR Zone 1-Taramani to Perungudi tollHyderabadIT Corridor 2-Gachibowli,Kondapur,Raidurg 1,Jubilee Enclave Madhapur,Kavuri HillsDelhi-NCRGurgaon NH-8(Before Rajiv Chowk)-Properties located at either side of NH-8 including areas of

101、Udyog Vihar Phase I-IV,Sectors 15,30,34PuneSBD Kharadi-KharadiMumbaiWestern Suburbs 2-Borivali(E),Kandivali(E),Goregaon(E),Goregaon(W),Jogeshwari(E),Jogeshwari(W),Malad(W)CBRE Group,Inc.(NYSE:CBRE),a Fortune 500 and S&P 500 company headquartered in Dallas,is the worlds largest commercial real estate

102、 services and investment firm(based on 2022 revenue).The company has approximately 115,000 employees(excluding Turner&Townsend employees)serving clients in more than 100 countries.CBRE was the first International Property Consultancy to set up an office in India in 1994.Since then,the operations hav

103、e grown to include more than 11,000 professionals across 15 offices with a presence in over 80 cities in India.As a leading international property consultancy,CBRE provides clients with a wide range of real estate solutions,including Strategic Consulting,Valuations/Appraisals,Capital Markets,Advisor

104、y&Transactions,Global Workplace Solutions&Property Management and Project Management.The guiding principle at CBRE is to provide strategic solutions that make real estate holdings more productive and economically efficient for its clients across all service lines.Please visit our website at About CB

105、REwww.cbre.co.inCBRE RESEARCHThe India GCC Revolution:Where Real Estate and Talent converge2024 CBRE,INC.20CBRE was the first International Property Consultancy to set up an office in India in 1994.Since then,the operations have grown to include more than 11,000 professionals across 17 offices in th

106、e country.The guiding principle at CBRE is to provide strategic solutions that make real estate holdings more productive and economically efficient for our clients across all service lines.With an unrivalled presence in over 300+cities in India,including affiliates and strategic partnerships,we deve

107、lop local market intelligence into measurable results for clients.CBRE India$10355+3,500+billion of land&assets sales and capital raised for clients since 2016million sq.ft.of total space transactedconsulting mandates undertaken390million sq.ft.of real estate space under management1.1+1,50,000+billi

108、on sq.ft.of projects managedproperties valued across all asset classesIndustry Coverage8 out of 10 multinational banks4 out of 5 top telecom firms4 out of 5 top IT/ITeS firms7 out of 9 leading automobile companiesCBRE RESEARCHThe India GCC Revolution:Where Real Estate and Talent converge2024 CBRE,IN

109、C.21Services At-a-glance Office Retail Industrial&Logistics Alternative Investments Data Centres Financial Services Government Practice Healthcare Life Sciences Hotels Residential Sustainability Flexible Workspace BUSINESS LINES INDUSTRIES&SPECIALTIES Advisory&Transaction Services Global Workplace S

110、olutions(GWS)&Property Management Capital Markets Project Management Residential Services Valuation&Advisory Services Strategic Consulting30YEARSPRESENT ININDIA FOR OVERNew DelhiNoidaGurgaonLucknowChandigarhMohaliKolkataHyderabadChennaiJaipurAhmedabadIndoreMumbaiPuneBengaluruCoimbatoreKochiCBRE RESE

111、ARCHThe India GCC Revolution:Where Real Estate and Talent converge2024 CBRE,INC.221Confidential&Proprietary|2024 CBRE,Inc.10CBREs Unified Services For A Seamless DeliveryC CL LI IE EN NT TC CE EN NT TR RI IC CD DE EL LI IV VE ER RY YFACILITIES MANAGEMENTWe will help you manage every aspect of your r

112、eal estate,from accounting and operations to sustainability and energy consumptionLOCATION ADVISORYWe will help you select the“RIGHT”city and micro marketWORKPLACE STRATEGYFormulate a strategy for the workplace in line with the changing business needsTranslating your strategy and culture into the bu

113、ilt environmentTRANSACTION MANAGEMENTWe will help you from selecting the“RIGHT”option to negotiation and final deal closurePROJECT MANAGEMENT(Design,Build&Construct)We will help you from design finalization,construction fit-out,testing&commissioning to create the“RIGHT”workplace revolving around you

114、r brand,values and ethosCHANGE MANAGEMENTEnsuring seamless transition to the new workplace/ways of working.Take employees through the change journey assess and tackle apprehensions ContactsGlobal ResearchRichard Barkham,Ph.D.,MRICSGlobal Chief Economist&Head of RHenry Chin,Ph.D.Global Head of Invest

115、or Thought Leadership and Head of Research,APAC.hkJulie WhelanHead of Occupier Thought Leadership,GBusiness LineNitin RaoSenior Executive Director,Advisory and Transaction Services,Indianitin.raocbre.co.inReenu RaiAssociate Executive Director,Advisory and Transaction Services,Indiareenu.raicbre.co.i

116、nAshwin ShrivastavaSenior Director,Advisory and Transaction Services,Indiaashwin.shrivastavacbre.co.inSumit AroraAssociate Executive Director,Head-National Operations&WorkplaceStrategy,Consulting,Indiasumit.aroracbre.co.inCBRE ResearchThis report was prepared by the CBRE India Research Team,which fo

117、rms part of CBRE Researcha network of preeminent researchers who collaborate to provide real estate market research and econometric forecasting to real estate.All materials presented in this report,unless specifically indicated otherwise,is under copyright and proprietary to CBRE.Information contain

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120、securities or other financial instruments.All rights to the material are reserved and none of the material,nor its content,nor any copy of it,may be altered in any way,transmitted to,copied or distributed to any other party without prior express written permission of CBRE.Any unauthorized publicatio

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122、it the Global Research Gateway at JoshiHead of Research-India,Middle East&North Africaabhinav.joshicbre.co.inPradeep NairAssociate DVaishnavi BalaSenior General MApoorva PAssistant MFollow UsCBRE ResearchThis report was prepared by the CBRE India Research Team,which forms part of CBRE Researcha netw

123、ork of preeminent researchers who collaborate to provide real estate market research and econometric forecasting to real estate.All materials presented in this report,unless specifically indicated otherwise,is under copyright and proprietary to CBRE.Information contained herein,including projections

124、,has been obtained from materials and sources believed to be reliable at the date of publication.While we do not doubt its accuracy,we have not verified it and make no guarantee,warranty or representation about it.Readers are responsible for independently assessing the relevance,accuracy,com-pletene

125、ss and currency of the information of this publication.This report is presented for information purposes only exclusively for CBRE clients and professionals,and is not to be used or considered as an offer or the solicitation of an offer to sell or buy or subscribe for securities or other financial i

126、nstruments.All rights to the material are reserved and none of the material,nor its content,nor any copy of it,may be altered in any way,transmitted to,copied or distributed to any other party without prior express written permission of CBRE.Any unauthorized publication or redistribution of CBRE res

127、earch reports is prohibited.CBRE will not be liable for any loss,damage,cost or expense incurred or arising by reason of any person using or relying on information in this publication.To learn more about CBRE Research,or to access additional research reports,please visit the Global Research Gateway

128、at ChandnaniManaging Director,Advisory&Transaction Services,Indiaram.chandnanicbre.co.in Consulting&ValuationRami KaushalManaging Director,Consulting&Valuations,India,Middle East&Africarami.kaushalcbre.co.in Global Workplace SolutionsRajesh PanditManaging Director,Global Workplace Solutions,India&Pr

129、operty Management,India,SE Asia,Middle East&North Africarajesh.panditcbre.co.inProject ManagementGurjot BhatiaManaging Director,Head-Project Management Advisory,Asia Pacificgurjot.bhatiacbre.co.in Capital MarketsGaurav KumarManaging Director&Co-Head,Capital Markets,Indiagaurav.kumarcbre.co.inCapital MarketsNikhil BhatiaManaging Director&Co-Head,Capital Markets,Indianikhil.bhatiacbre.co.inOperationsRajat GuptaManaging Director,Operations,IMarketingRaka KhashuHead Marketing,Communications&CSR,India,South East Asia,Middle East&Africa,CBREraka.khashucbre.co.inBusiness Line Contacts