GCCs Drive BFSI Sector's Record Commercial Real Estate Leasing in India
India’s banking, financial services, and insurance (BFSI) sector witnessed a record-breaking commercial real estate leasing spree in the last three years, led by Global Capability Centres (GCCs). According to a report by JLL, BFSI firms leased 13.45 million square feet (sq ft) of office space in 2024 alone, securing a 17.4 per cent share of the total annual leasing activity. Over the three-year period from 2022-2024, the sector leased 31 million sq ft—outpacing the 29 million sq ft recorded in the previous six-year period of 2016-2021.
Global BFSI firms played a crucial role in this surge, accounting for 59 per cent of the total space leased by the sector. India’s strong talent pool, rapid digitisation, growing financial inclusion, and rising consumption potential were identified as the primary factors driving this growth.
“Global firms, particularly GCCs, are driving this surge, as they accounted for 59 per cent of BFSI leasing in the last three years. This data underscores BFSI’s pivotal role in reshaping India’s office market landscape and the country’s emergence as a global financial services hub”, said Dr Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.
Domestic BFSI firms have also been active in the market, leasing 12.7 million sq ft of space across India’s top seven cities between 2022-2024. While Mumbai remains the primary driver for domestic BFSI leasing, global firms have fueled leasing demand across other key office markets.
GCCs, through both new set-ups and headcount expansions, have been instrumental in this leasing growth. Since 2022, GCCs have leased 67.4 million sq ft, with BFSI accounting for 20.7 per cent of this total. The sector’s share in GCC leasing surged to 25.2 per cent in 2024, making it the second-largest component after technology.
India’s key metropolitan cities have emerged as prime destinations for BFSI expansion. Mumbai continues to be the country’s financial capital, while Delhi-NCR benefits from its strategic location and robust infrastructure. Bengaluru’s thriving tech ecosystem has positioned it as a magnet for fintech firms, Hyderabad has leveraged its strong IT and pharmaceutical sectors, Chennai is carving out a niche as a southern BFSI hub, and Pune is emerging as a leading GCC destination.
“Markets like Pune and Chennai saw global BFSI firms accounting for 68-72 per cent of the segment’s leasing activity, while Delhi-NCR recorded a 60 per cent share of global BFSI companies during the same period”, noted Rahul Arora, Head of Office Leasing and Retail Services, JLL India.
With GCCs continuing to expand, India is solidifying its status as a global financial services hub, driving sustained demand in the commercial real estate sector.
