BFSI GCCs surge 70% as IT leasing cools

Knight Frank India data shows a structural shift in India's GCC office leasing: BFSI companies leased 7.32 million sq ft in H1 2026, a 70% jump from 4.31 million sq ft a year earlier, now accounting for 36% of total GCC leasing. Meanwhile, foreign IT-ITeS firms cut their leasing by 28% to 4.13 million sq ft, reflecting a recalibration of global tech strategies. Other service sectors also grew, signaling a broadening of India's services economy beyond traditional tech. This diversification is reshaping demand for office space across eight major cities, with BFSI emerging as a key driver. Key signal: BFSI firms leased 7.32 million sq ft for GCCs in H1 2026, up 70% YoY, while IT/ITeS leasing fell 28%. For hiring leaders, this signals where GCC talent demand is heading. BFSI GCCs are expanding aggressively, creating new roles in fintech, risk, compliance, and data—often competing with IT services for the same talent pools. The decline in IT/ITeS leasing suggests a slowdown in traditional tech hiring, but a rise in specialized BFSI roles. Expect increased competition for talent in financial hubs like Mumbai and Bengaluru, and a need to recalibrate sourcing strategies to attract BFSI-skilled professionals. Teksands view: The IT services slowdown is real, but don't mistake it for a GCC slowdown. BFSI is the new growth engine, and they're not just leasing space—they're hiring. If you're a TA leader, start mapping your talent strategy to BFSI GCC needs: data engineering, AI, and regulatory tech. The war for talent is shifting sectors, and the winners will be those who pivot fast.