BNP Paribas, the French banking giant, has leased 1.45 lakh square feet of prime office space at Hiranandani Centaurus in Thane West, Mumbai Metropolitan Region, for a monthly rent approaching ₹95 lakh. This landmark transaction underscores robust demand from financial sector occupiers and highlights Thane’s rising profile as a preferred business destination.
Key Deal Facts and Financials
- BNP Paribas has leased two floors in the Thane property, covering a carpet area of 99,831 sq ft, at ₹65 per sq ft monthly.
- The lease spans five years, commenced July 10, 2025, with rent payments beginning April 2026; annual escalation is set at 4.75%.
- The company paid a hefty security deposit of ₹8.5 crore up front.
- The premises will be used solely for IT and IT-enabled services operations.
Sector Trends: BFSI Driving Leasing Surge
- BNP Paribas previously leased 3,497 sq ft in Bandra Kurla Complex (BKC) earlier in March 2025 at a record ₹811 per sq ft—an indicator of the sector’s growing appetite for marquee spaces.
- The banking, financial services, and insurance (BFSI) sector has emerged as the second-largest office space occupier in India, following IT/ITeS, and continues to show strong momentum, driven by digitalisation and talent access.
- BFSI’s share of India’s office leasing rose from 11% pre-pandemic to 17–18% in recent years, and accounted for 16.4% of gross leasing in the top seven cities during the third quarter of 2024.
- Global players are at the helm, having accounted for over 65% of BFSI leasing activity, with international firms consistently leading as prime occupiers.
Market Impact and Future Prospects
- Thane’s commercial market benefits from increased demand among global BFSI firms seeking scalable, high-quality office space beyond traditional business hubs.
- Fast-evolving infrastructure and competitive rents make Thane a compelling choice for expansion-minded enterprises.
The FlexInsights Take
The BNP Paribas-Thane lease signals a shift in commercial real estate, with BFSI stalwarts driving demand for large, tech-enabled spaces outside Mumbai’s legacy districts. Thane’s strategic location, quality inventory, and talent availability make it an attractive magnet for global occupiers charting out their future workplace strategies.
