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The banking, financial services, and insurance (BFSI) sector in India leased 13.45 million square feet (msf) of office space in 2024, up 19.5 per cent year-on-year, according to the JLL BFSI Guide. In 2023, leasing stood at 11.3 msf.
The sector accounted for a 17.4 per cent share of overall space take-up in 2024, marginally lower than 17.9 per cent in 2023. This positioned BFSI as the third-largest occupier, behind the technology and flexible workspace sectors. Total office leasing stood at 77.2 msf.
During the three-year period from 2022 to 2024, the BFSI sector leased 31 msf of office space—higher than the 29 msf leased during the previous six-year period from 2016 to 2021. Global BFSI firms accounted for 59.0 per cent of the total space leased by the sector between 2022 and 2024.
India’s strong talent pool, digitisation push, financial inclusion, and consumption potential are key growth drivers for the BFSI sector, the report noted.
In 2024, foreign BFSI firms accounted for 68.3 per cent of total BFSI leasing, up from 57.7 per cent in 2023.
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“This data underscores BFSI’s pivotal role in reshaping India’s office market landscape and the country’s emergence as a global financial services hub. Domestic firms have also not remained far behind, as they leased 12.7 msf across the top seven cities between 2022 and 2024,” said Samantak Das, chief economist and head of research and REIS, India, JLL.
Since 2022, global capability centres (GCCs) have leased 67.4 msf of office space, with the BFSI sector accounting for a 20.7 per cent share. In 2024, the BFSI share in GCC leasing rose to 25.2 per cent, making it the second-largest segment after technology.
In 2024, Mumbai maintained its position as the financial capital, accounting for over 25 per cent of the nationwide BFSI office space leasing over the past three years.
Rahul Arora, head of office leasing and retail services, senior managing director (Karnataka, Kerala), India, JLL, said, “Bengaluru and Delhi-National Capital Region follow Mumbai closely, each capturing 18–20 per cent of the market, with Hyderabad, Chennai, and Pune rounding out the top tier.”
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