A record: BFSI segment rents record 135 lakh sq ft office space

Turning out to be a major demand driver for the segment along with technology companies, the banking, financial services and insurance (BFSI) firms rented a record 135 lakh square feet of office space in 2024 across seven major cities, a recent report has said.

Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad and Pune were the seven cities tracked by the real estate consultant JLL India while preparing the report.

According to the report, the office space leased by the BFSI segment in the last three calendar years has surpassed the leasing in the preceding six years (2016-2021).

“BFSI segment took on lease a record 135 lakh square feet in 2024 against 113 lakh square feet in the preceding year,” the report said, while noting that the share of the BFSI segment in the total gross leasing of office space across seven major cities remained flat at around 17-18 per cent.

It revealed that in 2024, the total gross leasing or absorption of office space increased to 77.2 million (772 lakh) sq ft year-on-year against 63 million (630 lakh) sq ft.

“Out of the total 135 lakh sq ft area leased by the BFSI segment last year, domestic BFSI contributed 31.7 per cent to the demand, while foreign entities lapped up 68.3 per cent,” the data showed, while revealing that in 2023, domestic firms' share was 42.3 per cent and foreign entities’ part stood at 57.7 per cent.