A major development in India’s commercial real estate space highlights strong demand from global technology firms and GCC-led expansion across tier-I cities.
US technology major IBM has leased 230,000 square feet of office space at Intellion Park in Sector 59, Gurugram, owned by a real estate developer. As per transaction documents accessed via a property data platform, the company will pay a monthly rent of ₹1.25 crore for a chargeable area of 230,378 square feet. This translates to a rental rate of ₹54.5 per square foot per month.
The leased premises span from the 7th floor to the 12th floor of Tower 4 at Intellion Park. The lease tenure is 10 years, taking IBM’s total rental commitment to over ₹180 crore during the agreement period.
This transaction comes amid sustained demand for office spaces in India’s tier-I cities. A recent report by an occupier-focused workplace solutions firm stated that office absorption in 2025 continues to significantly outpace new supply, leading to improved occupancy levels across key markets. The pan-India vacancy rate declined by 310 basis points, from 13.9% in 2024 to 10.8% in 2025.
The IBM office segment has been driven by the establishment of new global capability centres (GCCs), the growing footprint of flexible workspace operators, a rise in unicorn start-ups, and continued expansion by large technology companies.
Intellion Park has witnessed multiple large transactions in recent months. Earlier, food services company Zomato leased over 270,000 square feet at the same property. Before that, US-based networking systems and software firm Ciena took 135,000 square feet, while Google is also among the park’s occupiers.
Commenting on the trend, Raja Seetharaman, co-founder of Propstack, said that Intellion continues to attract large and high-quality occupiers in NCR.
“First Zomato and now IBM — that is 0.5 million square feet (msf) absorbed by just two tenants. IBM’s 10-year lease with a total outlay of ₹180 crore highlights the continued appetite for large floor plates and long-term consolidation in NCR’s premium office corridors,” he added.
Meanwhile, a report by real estate consultancy Cushman & Wakefield noted that Delhi NCR recorded a gross leasing volume of 5.1 msf in the September quarter, marking a 56% year-on-year increase.
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