Why Hyderabad has become preferred destination for GCCs in India
What's the story
Hyderabad is quickly becoming a preferred destination for Global Capability Centers (GCCs), with 45% of the new Indian GCCs setting up shop in the city. This was revealed by Ramesh Nair, MD & CEO of Mindspace REIT, during an episode of Mint's The CEO Dialogue. He said that out of the 100 new GCCs that came to India last year, nearly half chose Hyderabad over other Indian cities.
Real estate trends
Office space leasing in Hyderabad
In the first half of 2026, Hyderabad witnessed a whopping 66 lakh square feet of office space leased, as per CBRE data. However, only 13 lakh square feet was completed during this period.
Nair also noted that over 200 GCCs have set up shop in the city in just three years.
Ram Chandnani, MD - Leasing, CBRE India, said Hyderabad has about 15 crore square feet of investment-grade office space.
Market dynamics
Vacancy rates and rental prices
In Hi-Tech City market, institutional-grade buildings have a vacancy rate of about 2%. This is much lower than the overall average of around 12%.
The rental prices have also seen an upward trend, with deals on one Mindspace campus rising from ₹75 per square foot 2.5 years ago to ₹132 last month.
Nair said there is enough space within a 1.5km radius of Hi-Tech City to accommodate some 7.5 lakh jobs at the rate of 100 sq ft per person.
Future prospects
Infrastructure and quality office space key to Hyderabad's growth
The speakers at The CEO Dialogue highlighted that infrastructure and quality office space are key to Hyderabad's growth.
Chandnani traced the city's rise to global firms like Microsoft, Dell, and Oracle setting up in Hyderabad over two decades ago.
He predicted that the city's investment-grade office stock could roughly double in the coming years.
Nair said Hyderabad has evolved from being a spillover of Bengaluru to becoming a major player on its own.