According to transaction documents accessed by Propstack, ExxonMobil Services and Technology will pay a monthly rent of around Rs 1.86 crore to lease 235,300 square feet of chargeable office space in the Inventor building at the International Tech Park Bangalore (ITPB).
The company has also deposited Rs 5.85 crore as security, with the lease providing for a 5 per cent annual rent escalation.
Signed for a period of three years, the lease commenced on February 15, 2026, covering the first to fourth floors and the sixth to eighth floors of the commercial tower.
Commenting on the deal, Raja Seetharaman, co-founder of Propstack, said the ExxonMobil lease reflects a broader trend of GCCs locking in high-quality, institutional Grade A assets.
Last month, the India arm of US retail giant Target Corporation leased 830,000 square feet of office space at Embassy Manyata Business Park in Bengaluru for a total rent of Rs 1,250 crore over 10 years.
Similarly, Airbnb leased 46,437 square feet of office space for its GCC at Gurugram's DLF Cyber City for a period of five years at a starting monthly rent of around Rs 61.53 lakh.
“Securing multi-floor expansions at a premium rate demonstrates deep confidence in India's technology ecosystem as a long-term growth driver,” Seetharaman said.
Market observers note that GCCs led office leasing in India during January-March 2026, accounting for 9.1 million square feet (msf), or 44 per cent, of the total 20.7 msf absorbed.
According to a recent report by real estate consultancy CBRE, GCC demand remained strong in regions such as the Delhi-National Capital Region, Mumbai and Bengaluru, driven by Fortune 500 companies.
Geographically, Bengaluru remained at the centre of GCC activity, accounting for 48 per cent of overall office leasing. Sectorally, e-commerce led demand at 24 per cent, followed by banking, financial services and insurance (BFSI) and technology at 20 per cent each, and research, consulting and analytics at 19 per cent each.
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