Mumbai, March 24 (IANS). Under the leadership of the Global Capacity Center (GCC), 2024 was an important year for banking, financial service and insurance (BFSI) sector in India’s commercial real estate, which took 13.45 million sq ft (sq ft) lease, which is 17.4 percent of the lease space taken annually.
According to a latest JLL report, the BFSI segment took 31 million sq ft office space lease in a three-year period of 2022-2024, which is more than 29 million sq ft on lease in the last six years of 2016-2021.
Global BFSI firms stake in the space leased by BFSI sector in the last three years.
India’s strong talent pool, promoting digitization and consumer capacity were important factor for increase in BFSI sector.
Dr. Samantak Das, Chief Economist of JLL, said, “Especially GCCs are pushing this boom, as their share in BFSI Leasing has been 59 percent in the last three years. This data reflects the BFSI’s important role in giving a new look to India’s office market and emerging as the country’s global financial services center.”
Das said that the domestic firm also did not lag behind, as he took 12.7 million square feet in the top seven cities between 2022-24.
Strong domestic BFSI Space Tech-up promoted demand in markets such as Mumbai, while global firms were playing an important role in the country’s second major office market.
The GCC set-up in leasing activity by global firms in India has been the leading increase in the number of employees in new and current.
Since 2022, GCC has given 67.4 million sq ft lease, of which BFSI is 20.7 percent.
The report stated that BFSI’s stake in GCC Leasing in 2024 increased to 25.2 percent, making it the second largest component after Tech.
Mumbai maintains its position as the financial capital of India, while Delhi-NCR is taking advantage of its strategic location and infrastructure.
Bangalore’s tech ecosystem is attracting Fintech Innovators, Hyderabad is taking advantage of its strong IT and pharma sector, making its place as Chennai Southern BFSI Hub, while Pune BFSI is strongly emerging as GCC hub.
Senior Managing Director of JLL India (Karnataka, Kerala) Rahul Arora said, “Global BFSI firms in markets like Pune and Chennai also stood at 68-72 percent in leasing activity in the region, compared to 60 percent of the Global BFSI companies in Delhi NCR.”
-IANS
SKT/KR
