BFSI Firms Turbocharging Indian Office Realty

The Banking, Financial Services and Insurance (BFSI) sector has emerged as the most prominent demand driver in office leasing in India, along with the technology sector, during the January-September 2023 period.

BFSI sector a bright spot in office leasing in 2023

·        Accounting for around 23% of the total office leasing activity, the BFSI sector's leasing reached its highest point in a decade during January-September 2023, nearing the 10 million sq. ft.-milestone.

·        The average lease deal size in the BFSI sector, reaching nearly 60,000 sq. ft., exceeded the average deal size across the top five sectors by approximately 47% during January-September 2023.

·        India’s financial capital maintains a lead in BFSI leasing. Expansion by domestic banks and investment funds catapulted Mumbai to a dominant position in leasing during 2018 – 9M 2023.

·        GCC leasing by BFSI firms dominated more than half of the sector’s total office leasing during January-September 2023 with 5.7 million sq. ft., as compared to 1.6 million sq. ft. across six cities* during January-September 2022.

To delve deeper into our report on the fast-evolving commercial real estate dynamics of the BFSI sector in India, please click the download button.

*Mumbai, Bangalore, Hyderabad, Pune, Chennai, and Delhi-NCR