Bengaluru: IBM India Pvt. Ltd and WM Global Technology Services India Pvt. Ltd have signed large office lease deeds in Bengaluru, in two separate transactions, as global technology majors continue to expand their real estate office footprint in the country.
IBM India has taken up 1,61,884 sq. ft on lease from Golflinks Software Park Pvt. Ltd at the Pine Valley building in Embassy Golflinks Business Park, according to documents accessed by CRE Matrix, a real estate analytics platform. The business park is owned by Embassy REIT and a local partner.
IBM will pay roughly ₹145 crore in rent for a lease tenure of 60 months. “IBM India’s lease of nearly 1.62 lakh sq. ft at Embassy GolfLinks at a starting rent of ₹150 per sq. ft, backed by a long lock-in and significant security deposit, reflects how large global occupiers with GCC-(global capability centre) led operations continue to anchor themselves in premium Bengaluru office campuses," said Abhishek Kiran Gupta, chief executive officer, CRE Matrix. "Such transactions highlight the preference for scale, long-term certainty, and established ecosystems that support mission-critical operations.”
Earlier this year, IBM India had leased around 1.1 lakh sq. ft of office space from Table Space, a managed workspace provider in Bengaluru.
IBM has significant GCC operations in India, though the exact use of this space hasn’t been officially specified, Gupta added.
In another transaction, WM Global Technology Services India—Walmart's Indian technology arm—leased 1,01,715 sq. ft of office space in Prestige Tech Cloud, a business park in north Bengaluru's Devanahalli area for a five-year period, as per another analytics platform Propstack.
WM Global will paying a monthly rent of around ₹48.8 lakh for the north Bengaluru office space. The Walmart arm had leased around 450,000 sq. ft in Chennai earlier this year to set up a GCC, as the US retail giant ramps up its tech strategy in India.
'Major vote of confidence'
"This deal is a major vote of confidence for North Bangalore, and specifically for the Devanahalli corridor. For Walmart to lease over 1 lakh sq ft here validates the area as the next big hub for GCCs. It signals that large occupiers are now actively looking beyond traditional tech corridors like ORR to locations near the airport that offer better infrastructure and scalability," said Raja Seetharaman, co-founder of Propstack.
“At Walmart, we have embraced the power of coming together in person with a five-day in-office schedule across our global offices. Our workplaces are designed to support this shift—strengthen collaboration, in-person connections, and bring our people-led, tech-powered approach to life," said a Walmart spokesperson. "The recently-leased space in Bangalore houses our Walmart Contact Center, which supports customer experience services for US customers.”
IBM and Embassy REIT didn't respond to Mint’s queries on the development.
Commercial office gross leasing is expected to surpass 80 million sq. ft in 2025, as per estimates by property advisory CBRE India, and Bengaluru continues to take a lead.
GCCs accounted for over 55% of the large office deals (100,000 sq. ft each) during January-September this year, a period that saw leasing of around 60 million sq. ft of gross office space in India.