Foreign BFSI firms fuel 70% surge in India GCC office leasing, IT sector pulls back
Foreign banking, financial services, and insurance (BFSI) companies significantly increased their leasing activity for global capability centers (GCCs) in India, recording a 70% year-on-year rise. This growth marks a notable shift in India's commercial real estate landscape, which has traditionally been dominated by IT and ITeS firms. In contrast, foreign IT-ITeS companies reduced their office space absorption during the same period. Other service and manufacturing sectors also showed varied leasing trends. The development signals a broader diversification in the types of global firms establishing or expanding operations in India.
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