BFSI companies accounted for 7.32 million sq ft of office transactions across India’s leading eight cities in the first half of 2026, up from 4.31 million sq ft a year ago. The sector contributed 36% of the overall 20.6 million sq ft GCC transaction volumes during the period.
Also read: Foreign BFSI firms setting up more GCCs; rent highest 7.32 million sq ft office space in H1: Knight Frank
BFSI office transactions were up 7%, with the sector absorbing 36% of total GCC transactions. Other services recorded 5.10 million sq ft of office space absorption, followed by IT/ITeS at 4.13 million sq ft and manufacturing at 4.05 million sq ft.
ET BureauDemand for GCC office space is being driven by BFSI companies scaling operations in India, non-tech services contributing to office demand, India’s talent pool and established corporate services ecosystem supporting expansion, and GCC activity broadening beyond traditional technology and IT-enabled services.
ET BureauThe occupier mix is changing, with BFSI emerging as the largest GCC-driven office occupier and other services gaining momentum, indicating greater diversification in demand. Meanwhile, IT/ITeS absorption has corrected amid global tech realignment, while manufacturing demand has remained relatively stable.
Also read: GCCs, tightening supply to keep India’s office market on growth track: Equirus
ET BureauOffice absorption by GCC-oriented industries is expected to see BFSI rise 70% to 7.32 million sq ft in H1 2026, while other services are projected to increase 16% to 5.15 million sq ft. In contrast, IT/ITeS absorption is expected to decline 28% to 4.13 million sq ft and manufacturing by 13% to 4.05 million sq ft.
ET Bureau
