Pune’s Office Space Market Skyrockets in Q3 2023, Fueled by Global Capability Centers Pune’s office space market is experiencing a remarkable surge, as Q3 2023 witnessed an astounding year-on-year growth of 319%, with total transactions soaring to an impressive three million square feet. This surge is primarily attributed to the robust demand generated by Global Capability Centers (GCCs) of multinational corporations, which have emerged as the driving force in Pune’s burgeoning office space sector, capturing a substantial 81% share of the transacted area during this period.
Pune’s remarkable performance in the office space market is exemplified by the fact that it recorded the highest volume of GCC-focused area transactions in India, totaling a substantial 2.4 million square feet. This achievement places Pune at the forefront of India’s rapidly evolving corporate landscape. Notably, Hyderabad secured the second position with 2.2 million square feet of GCC-focused transactions.
The rise of GCCs as major players in the office space segment is a notable trend, with their influence steadily increasing. In Q3 2023, GCCs accounted for a significant 44% share of all office transactions in India, underscoring their pivotal role in shaping the nation’s commercial real estate landscape.
This remarkable growth in Pune’s office space market signifies the city’s attractiveness as a destination for multinational corporations seeking to establish or expand their GCCs. Pune’s strategic location, robust infrastructure, skilled workforce, and favorable business environment have all contributed to its emergence as a preferred hub for GCCs, and this trend shows no signs of slowing down.
As Pune’s office space market continues to flourish, it not only bolsters the city’s position on the global business map but also underscores the growing importance of GCCs in India’s corporate ecosystem. The surge in office space transactions is indicative of the city’s resilience and its ability to adapt to changing business dynamics, making Pune a hotspot for investment and growth in the foreseeable future.
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