IBM signs 10-year lease for 230,000 sq ft office space in Gurugram
US technology major leases space at Tata Realty's Intellion Park as demand for offices in tier-I cities stays strong and absorption continues to outpace new supply
 "IBM signs 10-year lease for 230,000 sq ft office space in Gurugram")
US technology major IBM has leased 230,000 square feet of office space at Tata Realty and Infrastructure’s Intellion Park in Sector 59, Gurugram. According to transaction documents with Propstack, the tech company will pay ₹1.25 crore as monthly rent for a chargeable area of 230,378 square feet. This puts the monthly rent rate at ₹54.5 per square foot.
The company is taking space from the seventh to the 12th floor of Intellion Park’s Tower 4. The lease agreement is applicable for 10 years, taking the total rental spend to over ₹180 crore.
The IBM deal comes at a time of continued demand for office space in India’s tier-I cities. According to a report by occupier-focused workplace solutions firm Vestian, office absorption in India continues to outpace new supply by a wide margin in 2025, leading to a notable improvement in occupancy levels.
The pan-India vacancy rate declined by 310 basis points, from 13.9 per cent in 2024 to 10.8 per cent in 2025.
The segment has seen the setting up of new global capability centres (GCCs), an expanding presence of flexible workspace operators, a rise in unicorn start-ups, and ongoing growth of big technology firms.
Intellion Park itself has seen several high-profile deals over the last few months, with Eternal Limited’s food services company Zomato leasing over 270,000 square feet at the property.
Previously, US-based networking systems, services and software company Ciena had leased 135,000 square feet at Intellion Park, which also counts Google among its other occupiers.
Commenting on this trend, Raja Seetharaman, co-founder of Propstack, said that Intellion continues to attract quality clients with large space requirements in the 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.
According to a report by real estate consultancy Cushman & Wakefield, Delhi NCR recorded gross leasing volume (GLV) of 5.1 msf in the September quarter, a 56 per cent year-on-year growth.