BFSI Sector Drives Record Office Space Leasing in 2024

In 2024, BFSI firms leased a record 135 lakh sq ft of office space across seven major cities, a significant growth compared to previous years. According to JLL India, this surge was mainly driven by foreign entities, while domestic firms saw reduced demand. Overall leasing increased to 77.2 million sq ft.

The Banking, Financial Services, and Insurance (BFSI) sector emerged as a leading force in the office space leasing market in 2024, securing a record 135 lakh square feet across seven major cities. This was largely contributed by foreign firms, outstripping previous leasing records, reported real estate consultant JLL India.

Comparatively, the total gross absorption of office space rose sharply year-on-year to 77.2 million square feet from 63 million, maintaining a 17-18% share of the leasing market. The cities included in this survey were Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, and Pune.

JLL India's data further revealed a shift in the BFSI segment's leasing dynamics with foreign entities occupying a substantial 68.3% of the leased space in 2024, leaving domestic players with 31.7%, a marked change from the previous year. Leasing by BFSI in coworking spaces was excluded from these figures.

(With inputs from agencies.)