3 days ago
Foreign BFSI Firms Drive Record GCC Office Leasing in India
Companies from other countries are opening more global capability centres, or GCCs, in India.
These centres handle work such as banking, finance, insurance, technology and other services.
Foreign BFSI companies rented a record 7.32 million square feet of office space in the first half of 2026.
This was 70% more than they rented during the same period last year.
Technology companies rented less space than before.
Other service companies rented more space, while manufacturing companies also reduced their leasing.
The activity was spread across eight major Indian cities.
Experts said that new centres, skilled workers, government policies and better infrastructure could keep office demand strong.
Foreign BFSI firms leased a record 7.32 million sq ft for GCCs in India during January-June 2026.
BFSI leasing rose 70% from 4.31 million sq ft in the same period a year earlier.
Foreign IT-ITeS companies leased 4.13 million sq ft, down 28% from 5.71 million sq ft year-on-year.
GCC leasing across eight major Indian cities totaled 20.6 million sq ft, with BFSI accounting for 36%.
Leasing by other services increased, while global manufacturing and IT-ITeS occupiers recorded declines.
- Who
- Foreign banking, financial services and insurance firms, along with other companies establishing global capability centres; Knight Frank India reported the data.
- What
- Foreign BFSI firms leased 7.32 million sq ft of office space for GCCs, the highest recorded level for the period.
- Where
- Mumbai, Delhi-NCR, Bengaluru, Pune, Hyderabad, Chennai, Ahmedabad and Kolkata.
- When
- January-June 2026, compared with the same period a year earlier.
- Why
- Companies are expanding and establishing GCCs in India, supported by state policies, incentives, skilled workers and infrastructure commitments.
Key facts
- BFSI GCC leasing
- 7.32 million sq ft in January-June 2026
- Year-on-year BFSI growth
- 70%, up from 4.31 million sq ft
- Total GCC leasing
- 20.6 million sq ft across eight major Indian cities
- BFSI share
- 36% of total GCC office leasing
- Foreign IT-ITeS leasing
- 4.13 million sq ft, down from 5.71 million sq ft
- Other services leasing
- 5.10 million sq ft, up from 4.41 million sq ft
- Global manufacturing leasing
- 4.05 million sq ft, down from 4.67 million sq ft
Quotes
Mukesh Choudhary
Managing Director of Accuspace
“The moderation in IT/ITeS absorption reflects a period of recalibration as occupiers realign their global strategies. This evolving demand profile highlights the increasing depth and resilience of India's commercial real estate market, with BFSI emerging as a key driver of office space demand in 2026.”
CNBC TV 18
“India's GCC ecosystem is entering a decisive phase of expansion, with state-level policies, skilled workforce, incentives and infrastructure commitments creating a strong pipeline of new centres and employment”
CNBC TV 18
Sources
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