BFSI overtakes tech in GCC leasing

Knight Frank India data reveals a structural shift in India's GCC office market: BFSI firms leased 7.32 million sq ft in H1 2026, a 70% YoY jump, making them the largest contributor at 36% of total GCC leasing. Meanwhile, IT/ITES leasing fell 28% to 4.13 million sq ft, signaling a recalibration in tech-driven expansion. This diversification indicates that financial services are now the primary growth engine for GCCs, reshaping demand for office space and, by extension, talent across analytics, technology, and business support functions. Key signal: BFSI GCC leasing surged 70% YoY to 7.32 million sq ft in H1 2026, while IT/ITES leasing dropped 28%. For hiring leaders, this matters because for CHROs and TA leaders, this signals a shift in where GCC hiring demand is coming from. BFSI GCCs are expanding rapidly, likely increasing demand for tech, analytics, and operations talent, while traditional IT services may be slowing. This could mean more competition for niche skills like AI, data engineering, and cybersecurity from financial firms, and a need to adjust sourcing strategies. Real estate trends also hint at which cities are growing, affecting talent pool availability and compensation benchmarks. Teksands view: This is a wake-up call for recruiters who've been riding the tech GCC wave. BFSI firms are now the biggest lessors, which means they're scaling up operations and hiring. If you're not already pitching to financial services GCCs, you're late. They'll need data engineers, AI specialists, and cybersecurity pros – skills that are already in short supply. Expect salary inflation in these niches as BFSI competes with tech giants. Also, watch for new GCC hubs emerging beyond the usual metros.