GCCs lead BFSI sector’s record commercial real estate leasing in India in last 3 years, ET BFSI

Mumbai, Led by global capability centres (GCCs), the yr 2024 marked a watershed yr for the banking, monetary companies and insurance coverage (BFSI) sector in India’s business actual property, which leased 13.45 million sq. ft (sq ft), claiming a 17.4 per cent share of the annual leased space, a report confirmed on Monday.

Notably, the BFSI section leased 31 million sq ft workplace area within the three-year interval of 2022-2024, larger than even the 29 million sq ft leased within the earlier six-year interval of 2016-2021, in keeping with a report by JLL.

World BFSI corporations accounted for a major 59.0 per cent share of area leased by the BFSI sector within the final three years.

India’s sturdy expertise pool, digitisation push, monetary inclusion, and consumption potential are key drivers of the BFSI sector’s development.

“Global firms, significantly GCCs, are driving this surge, as they accounted for 59 per cent of BFSI leasing within the final three years. This knowledge underscores BFSI’s pivotal position in reshaping India’s workplace market panorama and the nation’s emergence as a worldwide monetary companies hub,” stated Dr Samantak Das, Chief Economist and Head of Analysis and REIS, India, JLL.

Home corporations have additionally not remained far behind as they leased 12.7 million sq ft throughout the highest seven cities between 2022-24 as nicely, Das knowledgeable.

Sturdy home BFSI area take-up drove demand in markets like Mumbai whereas world corporations had been the drivers within the different giant workplace markets within the nation.

GCC set-ups, each new and headcount enlargement in current ones, have been on the forefront of the leasing exercise by world corporations in India.

Since, 2022, GCCs have leased 67.4 million sq. ft, with BFSI accounting for a 20.7 per cent. In 2024, BFSI share in GCC leasing rose to 25.2 per cent, making it the second largest element after tech, the report talked about.

Mumbai maintains its place because the monetary capital, whereas Delhi-NCR leverages its strategic location and infrastructure.

Bengaluru‘s tech ecosystem is attracting fintech innovators, Hyderabad is benefiting from its sturdy IT and pharma sectors, Chennai is carving out its area of interest as a southern BFSI hub, whereas Pune is strongly rising as a BFSI GCC hub.

“Markets like Pune and Chennai additionally noticed world BFSI corporations accounting for a 68-72 per cent share in leasing exercise by this section whereas Delhi NCR had a 60 per cent share of world BFSI firms for a similar interval,” stated Rahul Arora, Head, Workplace Leasing and Retail Companies, Senior Managing Director (Karnataka, Kerala), India, JLL.

-IANS

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