One Kind of Employer, Three Markets: The Reach of the Global Capability Centre

Introduction & Context

A global capability centre is a unit set up in India by a multinational company to do work for its parent: technology, finance, engineering, analytics and more. The term has moved from industry jargon to the centre of the Indian office market, the graduate job market and the technology debate. This piece connects three sets of figures that are usually discussed separately.

The Commercial Office Market

Cushman & Wakefield's Q3 2026 report, carried by IANS on 10 October, said GCCs leased 9.1 million square feet in the quarter, 42% of gross leasing, and about 65% of leasing in both Bengaluru and Pune. For the year to date it gave 25.3 million square feet, or 39%. CBRE put GCC leasing at about 41% of Q3 take-up, 8.7 million square feet, and for nine months 28 million square feet, or 42%. The two firms disagree on the year-to-date amount by about 2.7 million square feet, a difference we report and do not resolve. Both agree that GCCs are the largest single source of demand. CBRE added that GCCs made up 59% of deals above 100,000 square feet in Q3.

“Both firms agree that GCCs are the largest single source of office demand. They disagree on by how much.”

Jobs, Revenue Claims, and the Tech Sector

The jobs and revenue claims: NewsBytes reported on 9 July 2026 that India's GCCs had revenue of about US$98.4 billion, employed more than 2.36 million people and numbered more than 2,100 centres operating over 3,700 units. The report did not name its original study or its method, so we treat the figures as reported estimates. If 2.36 million people work in GCCs, that is about 40% of the 59.5 lakh, or 5.95 million, workforce that Nasscom's estimate gave for the broader technology sector. That ratio is our arithmetic, and the two numbers may not use the same definitions, so it is an indication of scale and not a share we would quote.

The technology industry: Nasscom's FY26 estimate, as summarised by Angel One on 25 February 2026, put technology sector revenue at US$315 billion, up 6.1% from 5.9% growth the year before, with AI revenue at US$10 to 12 billion and a workforce of 59.5 lakh, up 2.3%. The Angel One summary gave two apparently inconsistent figures for net job additions: about 2,000 and about 1.35 lakh. A PTI report carried by ETV Bharat on 24 February 2026 clarifies the likely reading: net additions of 1.35 lakh in FY26, against 1.33 lakh in FY25, so the "about 2,000" is the increase in net additions from one year to the next, not the number of jobs added. A 2.3% rise in a workforce of 58.2 lakh would be about 1.34 lakh, consistent with that. The same PTI report put exports at US$246 billion, up 5.6%, and the domestic market up 7.9%. The first summary was ambiguous; the second resolves it.

How the Three Connect & Questions Raised

How the three connect: GCC leasing is concentrated in a few cities. When a multinational decides to expand a centre, the effects reach brokers and developers, the local rental market, the pool of engineers and analysts, and the established IT services companies that compete for the same people. Cushman & Wakefield reported that vacancy rose to 14.37% in Q3, the first rise in twelve quarters, after record completions of 22.7 million square feet. Supply caught up with a demand surge led by GCCs. If GCC expansion slows, the effect on office markets would be felt first in the cities where supply is concentrated.

Questions this raises: 1. How dependent are the cities on a few parent companies? Our sources do not say. Many GCC decisions are made abroad, which makes the demand exposed to global conditions. 2. Is the GCC model taking talent from IT services? The revenue and headcount data do not allow a conclusion. It is a question for the sector's own data. 3. What happens to the graduates? Our education pieces showed enrolment growth and a faculty shortage; the quality of the talent pipeline matters for the GCC model. 4. How durable is the cost advantage? Our sources do not discuss wages or attrition.

Reading Guide & Implications for Employers and Owners

A reading guide: our framework: When you see a GCC number, ask four things: who counted, what is a GCC in their definition, which period, and whether the figure is leasing, headcount or revenue. A square-feet figure is a leasing fact. A headcount figure is an employment estimate. A revenue figure is the least verifiable, because many centres are cost centres of their parents, and "revenue" may be an estimate of the value of work done.

What it means for employers: Companies hiring in Bengaluru, Hyderabad and Pune compete with GCCs for engineers and analysts. Retention, training and clear career paths matter.

What it means for property owners: Tenants with long leases and strong parent companies are attractive, but concentration is a risk. A diversified tenant mix is safer.

What it means for policymakers: Skills policy and urban infrastructure in a few cities will determine whether the GCC model can grow, and whether other cities benefit.

What we do not know: We do not know the underlying GCC study, wages, attrition or the share of GCC roles filled by new graduates.