IBM in Advanced Talks to Lease 2.6 Lakh Sq Ft in Gurugram’s TRIL Tower
IBM, the global technology giant, is in advanced discussions to lease 260,000 square feet of office space at TRIL Tower in Gurugram, developed by Tata Realty. This move comes as demand for Grade A office spaces in India continues to rise, driven by the return-to-office trend among major tech companies and the emergence of new demand drivers. The leasing activity highlights the dynamic shift in the commercial real estate market, especially in regions like the National Capital Region (NCR).
The surge in office space absorption has been led by the return of large corporations, particularly tech firms, back to their physical office spaces. However, new factors are contributing to this momentum. Industry experts point out that the growth of Global Capability Centres (GCCs), the rise of flexible workspace providers, the increasing presence of unicorn startups, and the expansion of Big Tech companies are key elements driving sustained demand for office spaces in urban centers like Gurugram. A notable shift is taking place with the denotification of Special Economic Zones (SEZs), which is unlocking more areas for corporate leasing. Tata Realty’s portfolio, which includes vast tracts of land under SEZ, is poised to benefit from this development, giving corporations more options to choose from. Recently, US networking company Ciena leased 135,000 square feet of office space at TRIL Tower, further cementing the tower’s status as a prime location for multinational companies. The demand for premium office spaces in Gurugram is also influenced by a strong “flight to quality” trend, where businesses are seeking better infrastructure, top-tier amenities, and institutional ownership to align with evolving workplace strategies. According to real estate experts, these factors are prompting a reevaluation of workspace needs, making well-located and well-equipped office spaces more desirable.
In 2024, the office leasing market in India is on track to hit a record high of 83-85 million square feet, marking a 13% increase over the previous year. India has emerged as a bright spot in the global office leasing market, particularly in the Asia-Pacific region, where it is expected to account for nearly 70% of the region’s net absorption by year-end. This surge is largely driven by the growing importance of GCCs, which now make up about 30% of the leasing volume in India, with expectations for further growth. As the demand for office space continues to rise, companies like IBM and Tata Realty are at the forefront of shaping the future of commercial real estate in India, meeting the needs of a fast-evolving business landscape.
