With Indian office space demand from Global Capability Centres (GCCs) projected to reach 50 MSF in the next two years, Cushman & Wakefield’s new GCC Advisory is positioned to drive growth for global clients in this thriving market.
Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, today announced the launch of its GCC Advisory, a first-of-its-kind service to empower global multinationals in developing their captive-offshore Shared Services, R&D, and Centers of Excellence (COE) capabilities.
This unique offering intends to offer an alternate to the traditional Build Operate Transfer (BOT) model by providing a full-spectrum, Assisted D.I.Y solution that is cost-effective and is tailored for clients who wish to establish their own GCCs. By leveraging a robust network of partners, Cushman & Wakefield’s Assisted D.I.Y. model, will enable clients to strategically navigate the complexities of global innovation, cost optimisation, sustainability and cultural integration.
Multinational companies seeking to establish and operate their own GCCs can select the specific services they need from our comprehensive range of offerings. There is no obligation to utilize all our services; clients have the flexibility to selectively choose from our own portfolio or those of our partners. This includes a wide array of support, such as legal, HR, tax, location selection, and real estate services.
Going beyond traditional real estate services, Cushman & Wakefield’s GCC Advisory, through a strong ecosystem of partners, will encompass a full spectrum of support - from talent management and legal expertise to banking, IT solutions and more – ensuring a holistic approach to the establishment and growth of GCCs.
India has repeatedly demonstrated resilience through three major black swan events in the last 25 years and the country has pivoted yet again to emerge as the largest GCC hub in the world post-COVID. From being the outsourcing epicenter and call centre of the world 25 years ago, to a cradle of global innovation today, the GCC landscape in India has witnessed remarkable growth. The country has over 1600 centres as of 2023, with many new GCCs being established and the existing ones looking to expand in the near future.
According to Cushman & Wakefield research, around 40% of the GCCs set up in the last two years in India are global R&D/Innovation centres, highlighting the country’s transformation into a prominent global innovation hub. With a current market size of US$46 billion and a workforce of 1.6 million, GCCs occupy almost 1/4th of all Grade A office inventory and also account for over 20% annual leasing volume.
While India is already home to around 50% of GCCs, this number is projected to exceed 2400 by 2030, fueled by India’s digital prowess, vast talent pool, thriving start-up ecosystem, competitive real estate pricing and supportive government policies.
This has set the stage for the launch of a dedicated GCC Advisory, a strategic addition to Cushman & Wakefield’s suite of services for clients. Cushman & Wakefield’s GCC Advisory aims to provide a tailored and integrated-suite of services designed to meet the unique needs of each client through:
- Experts Across Geographies: Expert advisors to guide the firms across regions to deliver comprehensive GCC solutions.
- Integrated Service Delivery: End-to-end advisory and execution support across all aspects of real estate decision-making.
- Assisted DIY model: Delivered through an ecosystem of partners empowering clients to develop their strategies for innovation, cost optimisation, sustainability, and culture. This includes access to talent management, legal, banking, payroll, and other essential services.
Arpita Srivastava, who is currently Executive Director & Head – APAC, will step up to lead the GCC Advisory, based in New York. VS Sridhar, who is currently Managing Director- Chennai and Kochi, will take additional responsibility of leading GCC Advisory operations, based in Chennai.
Commenting on the launch, Matthew Bouw, Chief Executive, Asia Pacific, Cushman & Wakefield said,
“We are excited to launch the GCC Advisory and leverage our team’s deep expertise to serve clients across regions. We are committed to helping global businesses and multinationals build a seamless enterprise by reinventing their GCC strategies. Our vision is to provide a comprehensive, strategic, and personalised approach that not only solves complex challenges but also empowers our clients with a truly integrated experience."
Anshul Jain, Chief Executive, India, SE Asia & APAC Tenant Representation, Cushman & Wakefield emphasized the immense opportunity presented by India’s GCC sector, stating,
“India is poised to become the global epicenter for GCCs, capturing 60-75% of the market by 2030. This will generate a significant demand for nearly 50 MSF feet of office space in the next two years, igniting a transformative wave in India’s real estate sector. We anticipate a surge in ESG-compliant, high-quality developments, coupled with greater transparency, as the industry rapidly modernises. The launch of GCC Advisory underscores Cushman & Wakefield’s commitment to supporting India’s economic transformation and facilitating GCC growth in the country.”
For more information on the GCC advisory services, click here: Global Capability Center Advisory | Cushman & Wakefield (cushmanwakefield.com)
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.