Leasing Upshift: BFSI Surges Ahead In India’s GCC Growth Story

BFSI Steals the GCC Spotlight in India’s Q2 2025 Leasing Surge

India’s Global Capability Centers (GCCs) witnessed a major shift in leasing dynamics in Q2 2025, with the Banking, Financial Services, and Insurance (BFSI) sector emerging as the top contributor. For the first time, BFSI outpaced the technology sector, grabbing a record 44% share of leasing activity—its highest-ever quarterly tally—according to data from commercial real estate consultancy CBRE. In comparison, technology captured only 17%. This rise from a modest 8% share in 2022 signals a structural shift in India’s GCC ecosystem. Driving this leap are global banks (48%) and financial services firms (49%) rapidly expanding in Indian metros. These firms increasingly leverage India’s skilled workforce, cost efficiencies, and policy support amid an industry-wide digitisation wave. GCCs—also called Global In-house Centres or Captive Centres—continue to evolve from cost-saving units into strategic hubs. Their rise underlines India’s growing importance in the global business transformation landscape.

Who’s Driving the GCC Shift?

• BFSI: 44% of GCC leasing in Q2 2025
• Tech: Down to 17% in Q2 2025
• Top BFSI Contributors: Financial Services (49%), Global Banks (48%)
• Hotspot Cities: Pune, Mumbai, Chennai, Delhi-NCR
• GCC Revenue FY24: $64.6 billion

BFSI GCC Leasing Rises In Key Indian Metros – At A Glance

• Top BFSI GCC Hotspots:
  Pune, Mumbai, Chennai, and Delhi-NCR have emerged as key cities driving BFSI-focused leasing activity.
• Tech Sector Decline:
  The technology sector’s share in GCC leasing fell sharply from 44% in 2022 to 24% in 2024.
• Engineering & Manufacturing Drop:
  This sector saw a significant decline, from 25% in Q1 2024 to just 6% in Q2 2025.
• BFSI Surge:
  BFSI leasing surged, establishing its strongest quarterly performance ever, surpassing the tech sector for the first time.
• Industry Insight:
  Anshuman Magazine, Chairman & CEO, CBRE, stated:
  “Global Capability Centres (GCCs) in India have transformed into sophisticated and multi-functional strategic hubs.”
• Sector Diversification:
  The leasing landscape is becoming increasingly broad-based, with technology no longer the dominant sector.

GCCs Shift Gears: From Cost To Capability

India housed over 1,700 GCCs in 2023-24, with this number expected to surpass 2,200 by 2030. These centres have evolved to become vital innovation engines. In FY24, GCCs generated export revenues of $64.6 billion—a 40% jump from $46 billion in FY23. CBRE’s Magazine further added, “The convergence of India’s young and skilled IT workforce, inherent cost-effectiveness, and a supportive policy environment, coupled with the rapid digitisation of the banking and financial sectors, positions India as an attractive and strategic destination for these global corporations.” With BFSI leading this change, GCCs are set to enter a new era of broad-based, value-driven expansion.

(With Inputs)

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