In a significant boost to Bengaluru's commercial real estate market, two global technology giants, IBM India and Walmart's technology arm, have signed separate large-scale office lease agreements in the city. These deals underscore the continued expansion of Global Capability Centres (GCCs) and reinforce Bengaluru's position as India's premier tech hub.
IBM's Strategic Expansion at Embassy Golflinks
IBM India Pvt. Ltd has secured a substantial 1,61,884 square feet of office space on lease. The property is located in the Pine Valley building within the prestigious Embassy Golflinks Business Park, owned by Embassy REIT and a local partner. The lease was signed with Golflinks Software Park Pvt. Ltd.
According to data from real estate analytics firm CRE Matrix, the tech major has committed to a 60-month lease tenure with a total rental outlay of approximately ₹145 crore. The starting rent is pegged at around ₹150 per square foot, backed by a long lock-in period and a significant security deposit.
Abhishek Kiran Gupta, CEO of CRE Matrix, highlighted the importance of the deal. He stated that IBM's lease reflects how large global occupiers with GCC-led operations are anchoring themselves in premium Bengaluru campuses, prioritizing scale, long-term certainty, and established ecosystems for mission-critical work. This transaction follows IBM's earlier lease of about 1.1 lakh sq ft from Table Space in Bengaluru earlier this year.
Walmart Fortifies Tech Presence in North Bengaluru
In a parallel transaction, WM Global Technology Services India Pvt. Ltd, Walmart's Indian technology arm, has leased 1,01,715 square feet of office space. The property is situated in Prestige Tech Cloud, a business park located in the Devanahalli area of north Bengaluru, near the airport.
As per details from analytics platform Propstack, the lease is for a five-year period. WM Global Technology Services will be paying a monthly rent of roughly ₹48.8 lakh for this space. This move complements Walmart's significant GCC expansion in India, which included leasing around 450,000 sq ft in Chennai earlier this year.
Raja Seetharaman, co-founder of Propstack, called the Walmart deal a "major vote of confidence" for North Bangalore's Devanahalli corridor. He noted that it validates the area as the next big hub for GCCs, showing that large companies are looking beyond traditional tech corridors like Outer Ring Road (ORR) for locations offering better infrastructure and scalability.
Broader Market Implications and GCC Dominance
These high-value transactions occur against a backdrop of robust office leasing activity across India. Property advisory CBRE India estimates that commercial office gross leasing is poised to surpass 80 million square feet in 2025, with Bengaluru continuing to lead the absorption.
The trend is heavily driven by GCCs. Data indicates that GCCs accounted for over 55% of all large office deals (those exceeding 100,000 sq ft each) in the first nine months of this year. This period alone saw approximately 60 million sq ft of gross office space leased across the country.
Together, the IBM and Walmart leases add over 2.63 lakh square feet of premium office space demand in Bengaluru, highlighting the city's enduring appeal for global corporations looking to establish and scale their technology and back-office operations in India.
