Global property consultant Cushman & Wakefield launches advisory vertical for Global Capabilities Centres - Hindustan Times
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Global property consultant Cushman & Wakefield launches advisory vertical for Global Capabilities Centres

Jun 19, 2024 11:12 PM IST

The integrated GCC advisory service will help companies develop their captive-offshore shared services, R&D and Centers of Excellence (COE) capabilities

International property consultant Cushman & Wakefield on June 19 announced the launch of an integrated advisory vertical for multinational companies to strategise and set up Global Capability Centres (GCCs) in Asian countries like India, Philippines, Japan and other countries.

International property consultant Cushman & Wakefield on June 19 announced the launch of an integrated advisory vertical for multinational companies to strategise and set up Global Capability Centres (GCCs). (HT Files)
International property consultant Cushman & Wakefield on June 19 announced the launch of an integrated advisory vertical for multinational companies to strategise and set up Global Capability Centres (GCCs). (HT Files)

The company said it is the first international property consultant that has launched an integrated GCC advisory service to help companies develop their captive-offshore shared services, research and development (R&D), and Centers of Excellence (COE) capabilities.

GCCs or global in-house centers or captives, are offshore units of large multinationals performing technology operations.

According to industry estimates, there are around 1,600 GCCs in India, and the number is expected to increase to over 2,400 by the year 2030.

Also read: Leasing by Global Capability Centres in India increases by 17%; touches 22.5 mn sq ft in FY 2023-24

“Our vision is to provide a comprehensive, strategic, and personalized approach that not only solves complex challenges but also empowers our clients with a truly integrated experience," said Matthew Bouw, Chief Executive, Asia Pacific, Cushman & Wakefield.

"We are committed to helping global businesses and multinationals build a seamless enterprise by reinventing their GCC strategies. Four years ago we knew India was the fourth most profitable country across Asia Pacific. Its today the most profitable. It's now our second largest employee base of any country outside the United States. It's growing the fastest and to my mind it's hard to find a country that has anywhere near the economic demographic of this country," said Bouw.

He said that around 100-120 GCCs would be established in India every year and that the demand for such integrated GCC advisory is huge.

"From being the outsourcing epicenter and call center of the world 25 years ago, to a cradle of global innovation today, the GCC landscape in India has witnessed remarkable growth," it said in the statement.

Also Read: Share of green office leasing touches 16% in 2022-2023; Global Capability Centres account for 76% of overall leases

According to the company, going beyond traditional real estate services, the company's GCC advisory, through a strong ecosystem of partners, will include support to other companies - from talent management and legal expertise to banking, IT solutions and more – ensuring a holistic approach to the establishment and growth of GCCs.

“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 million sq ft of office space in the next two years, igniting a transformative wave in India’s real estate sector," said Anshul Jain, CEO, India, SE Asia & APAC Tenant Representation, Cushman & Wakefield.

Also Read: Bengaluru and Hyderabad account for 60% of the total Global Capability Centres demand: Colliers

"We anticipate a surge in ESG-compliant, high-quality developments, coupled with greater transparency, as the industry rapidly modernizes. The launch of GCC Advisory underscores Cushman & Wakefield’s commitment to supporting India’s economic transformation and facilitating GCC growth in the country," Jain added.

Also Read: Global real estate consultancy JLL’s project and development services business in India expected to grow by 15-20%

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