India's office market sees expanding occupier demand, with BFSI leading growth. BFSI companies transacted over seven million square feet of office space. This sector now drives demand as companies expand global operations. BFSI contributed 36 p...
India’s office market is witnessing a broadening of occupier demand, with banking, nancial services and insurance (BFSI) emerging as the strongest growth engine among global capability centre (GCC)-oriented sectors. The shift highlights the growing role of non-technology sectors in driving office demand as companies expand their global operations from India.
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.
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.
Demand 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.
The 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.
Office 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.
