Share of GCCs in office transactions in Chennai increases by 55% in 2023

Global Capacity Centres focused transactions dominated more than half of the office volume deals in Chennai during 2023, totalling 6.02 mn sq ft across 71 deals, a report by Knight Frank India said. Global Capacity Centres focused transactions dominated more than half of the office volume transactions in Chennai during 2023 The Banking, Financial Services, and Insurance segment is the frontrunner in GCC-oriented office space transactions. Despite only six deals throughout the year, the BFSI sector contributed over 30% of GCC transactions in Chennai, leasing a substantial 1.89 million square feet in 2023, the report said. The manufacturing sector emerged as the second-largest occupier of GCC business-oriented office space in Chennai's commercial market, with transactions totalling 1.78 mn sq ft in 2023.