BFSI office leasing continues to surge as digital growth points

05 Nov 2024 CW Team

Global players have been at the forefront of this expansion, dominating over 65% of the BFSI sector’s activity in India. On average, these international entities have accounted for two-thirds of all office space leased by the sector over the past six years.

The BFSI sector's share in office leasing has increased from an average of around 11% in the 2017-2019 period to 17-18% over the last few years and is slated to continue the growth, showed data from JLL India. In 2023, the segment recorded the highest-ever leasing of 11 million sq ft.

Until the third quarter of 2024, office leasing in the BFSI sector accounted for 16.4% of the 53.4 million sq ft total gross leasing, across the country's top seven cities including Mumbai, Bengaluru, Delhi NCR, Chennai, Hyderabad, Pune, and Kolkata.

"India's BFSI sector is experiencing remarkable growth, with significant opportunities for the office real estate market. The country's fintech market, currently valued at $584 billion, is projected to reach $1.5 trillion by 2025. This expansion is reflected in the increasing presence of global capability centres (GCCs) across India,” said Rahul Arora, Head - Office Leasing & Retail Services, Senior Managing Director (Karnataka, Kerala), India, JLL

The BFSI industry already accounts for a substantial 20% share of these GCCs. With over 1,900 GCCs offering end-to-end services, according to him, India is poised for further growth in this sector, driving continued demand for office spaces."The BFSI sector is spearheading India's economic growth, driving innovation and digital transformation. As the sector evolves, we anticipate continued robust demand for offices that support innovation, attract talent, and meet evolving consumer demand. The sector's dynamic needs present opportunities for the realty industry to create sophisticated, technology-enabled workspaces that cater to the unique requirements of financial institutions,” said Samantak Das, Chief Economist and Head – Research and REIS, India, JLL.Tech hubs Bengaluru, Hyderabad, Chennai, and Pune account for over 80% of BFSI GCC demand, while domestic BFSI demand is concentrated in Mumbai and Delhi NCR, holding a 65% share combined, he added.

Mumbai, the country’s financial capital, leads the pack, accounting for around 44% of the total space occupied by domestic financial organisations. Bengaluru is seen as the preferred hub for foreign organisations with a 30% share, reflecting its unparalleled tech ecosystem that attracts top talent and financial services organisations from across the globe.

The Banking, Financial Services, and Insurance (BFSI) sector in India has rapidly increased its demand for office spaces driven by technological advancements, digital penetration, a skilled workforce, and evolving market dynamics, with 2024 leasing activity projected to significantly surpass the record set in 2023. Global players have been at the forefront of this expansion, dominating over 65% of the BFSI sector’s activity in India. On average, these international entities have accounted for two-thirds of all office space leased by the sector over the past six years. The BFSI sector's share in office leasing has increased from an average of around 11% in the 2017-2019 period to 17-18% over the last few years and is slated to continue the growth, showed data from JLL India. In 2023, the segment recorded the highest-ever leasing of 11 million sq ft. Until the third quarter of 2024, office leasing in the BFSI sector accounted for 16.4% of the 53.4 million sq ft total gross leasing, across the country's top seven cities including Mumbai, Bengaluru, Delhi NCR, Chennai, Hyderabad, Pune, and Kolkata. India's BFSI sector is experiencing remarkable growth, with significant opportunities for the office real estate market. The country's fintech market, currently valued at $584 billion, is projected to reach $1.5 trillion by 2025. This expansion is reflected in the increasing presence of global capability centres (GCCs) across India,” said Rahul Arora, Head - Office Leasing & Retail Services, Senior Managing Director (Karnataka, Kerala), India, JLL The BFSI industry already accounts for a substantial 20% share of these GCCs. With over 1,900 GCCs offering end-to-end services, according to him, India is poised for further growth in this sector, driving continued demand for office spaces.The BFSI sector is spearheading India's economic growth, driving innovation and digital transformation. As the sector evolves, we anticipate continued robust demand for offices that support innovation, attract talent, and meet evolving consumer demand. The sector's dynamic needs present opportunities for the realty industry to create sophisticated, technology-enabled workspaces that cater to the unique requirements of financial institutions,” said Samantak Das, Chief Economist and Head – Research and REIS, India, JLL.Tech hubs Bengaluru, Hyderabad, Chennai, and Pune account for over 80% of BFSI GCC demand, while domestic BFSI demand is concentrated in Mumbai and Delhi NCR, holding a 65% share combined, he added. Mumbai, the country’s financial capital, leads the pack, accounting for around 44% of the total space occupied by domestic financial organisations. Bengaluru is seen as the preferred hub for foreign organisations with a 30% share, reflecting its unparalleled tech ecosystem that attracts top talent and financial services organisations from across the globe.

Equipment

03 Jun 2026

John Crane Retrofit Cuts Water Use at Copper Mine Pump

John Crane has retrofitted a mechanical seal on a large underflow thickener slurry pump at a major copper mining operation, reducing sealing water consumption by around 288,000 litres per day while improving maintenance efficiency on a critical asset.The retrofit replaced the pump's traditional stuffing box arrangement, which required shaft sleeve replacement every four months due to abrasive wear. These maintenance activities involved significant downtime, a 100-tonne crane and extensive manpower.John Crane developed a mechanical seal package that could be installed without modifying the exis..

Resources

03 Jun 2026

TKIL Industries Appoints Gaurav Srivastava as CFO

TKIL Industries has appointed Gaurav Kumar Srivastava as Chief Financial Officer (CFO), effective 1 June 2026. He succeeds Ketan Pendse, Chief Financial Officer and Whole-time Director, who is stepping down after more than two decades with the company. Srivastava previously served as Executive Vice President, Finance & Taxation.Announcing the appointment, Vivek Bhatia, Managing Director & CEO, TKIL Industries, thanked Pendse for his long-standing contribution to the organisation and wished him success in his future endeavours.Bhatia said, “Gaurav’s appointment reflects our continued focus ..

Technology

03 Jun 2026

Siemens Launches Intelligence Center X for AI

Siemens has launched Intelligence Center X, an industrial AI orchestration software designed to help organisations move from isolated AI pilots to scalable business impact. The software enables people and AI agents to work together through shared context, workflows and lifecycle intelligence.Part of Siemens Xcelerator, Intelligence Center X connects industrial data, models and workflows on a governed foundation, allowing companies to deploy AI-driven applications and agents with traceability and control. It combines the Mendix low-code platform with Siemens’ Graph Studio and AI Studio softwa..