- First half of FY 25 continued with strong GCC demand with 80% contribution in space absorbed within the Intellion Offices portfolio
- IT sector is the leading occupier at 60%, followed by BFSI at 27%
- Similar trend prevalent with IT sector continuing to be the leading occupier with 63% followed by BFSI at 20%. Pharmaceuticals with 12% share also evolved to be one of the leading occupier industries.
Mumbai, November 07, 2024: With GCCs reshaping India’s commercial real estate sector, Intellion Offices by TATA Realty & Infrastructure Limited, a key player in India’s commercial real estate, has positioned itself as a leading force in metro markets, propelled by a unique value proposition and sustained year-on-year growth. In FY 2023-24, Intellion Offices recorded a 60% year-over-year (YoY) growth in GCC absorption. Intellion Offices continued to witness robust GCC demand with H1 FY 2024-25 recording ~42% of FY 2023-24 absorption levels. Furthermore, GCCs accounted for 64% of total absorption in FY24, and reinforcing its leadership position in the commercial real estate sector for GCCs. Additionally, GCCs continued to dominate share of overall absorption with ~80% contribution in H1 of FY 2024-25.
Intellion Offices, strategically located across India’s major metro cities, has become the preferred destination for GCCs looking to expand their presence in the country. The consistent growth in GCC absorption at Intellion Offices reflects its ability to address the varied needs of global enterprises, particularly in the IT, BFSI, and pharmaceutical sectors. A sectoral breakdown shows that the IT/ITeS sector makes up 63% of GCC occupancy, followed by BFSI at 20%, pharmaceuticals at 12%, and FMCG at 1%. This broad sector appeal underscores Intellion Offices’ capacity to cater to the unique operational demands of different industries.
Sharing his thoughts on this growth momentum witnessed by Intellion Offices, Mr. Sanjay Dutt, MD & CEO of Tata Realty & Infrastructure Ltd said, “By capitalizing on India’s evolving regulatory framework and strong digital infrastructure, Intellion Offices has enabled the expansion of numerous GCCs, reinforcing the country’s status as a global hub, supported by a skilled workforce and a stable business environment. With a focus on sustainability, advanced infrastructure, and prime locations, we are well-positioned to continue attracting leading global corporations from a wide range of industries to India.”
A breakdown of GCC vs. Non-GCC share in overall leasing at Intellion Offices:
|
Year |
Non-GCC % of Total |
GCC % of Total |
|
FY 2021-22 |
38% |
62% |
|
FY 2022-23 |
29% |
71% |
|
FY 2023-24 |
36% |
64% |
|
FY 2024-25 |
18% |
82% |
In terms of city-wise performance, Chennai stood out in FY 2023-24, contributing the highest GCC absorption in the portfolio, with Ramanujan Intellion Park accounting for a 72% GCC occupancy share. Chennai continues to be a major contributor with GCC absorption at Ramanujan Intellion Park accounting for ~80% of the total demand. Meanwhile, Gurugram saw 60% occupancy share of GCCs, witnessing strong GCC interests and demand expected to have strong tailwinds with several interests currently in discussions.
The steady growth in GCC absorption and occupancy at Intellion Offices reflects Tata Realty’s unwavering commitment to fostering a conducive and seamless business environment for global corporations.
Corporate Comm India (CCI Newswire)
