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Foreign BFSI firms fuel 70% surge in India GCC office leasing, IT sector pulls back

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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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Foreign BFSI firms fuel 70% surge in India GCC office leasing, IT sector pulls back · ShortSingh