Walmart Leases 1 Million Sq Ft Office in Bengaluru for New Tech Hub, Signs Big Deal with Prestige

Walmart is setting up a new tech center in Bengaluru, leasing about 1 million square feet of office space from Prestige Group. This is one of the biggest office space deals in India this year. Walmart will pay around Rs 108 crore in annual rent for the space at Prestige Tech Pacific, located on the Outer Ring Road, at a rate of Rs 95 per square foot.

The lease deal was signed earlier this month and has a three-year lock-in period. Walmart is taking over two blocks—one measuring 600,000 square feet and the other 400,000 square feet—to expand its Global Technology Services operations in India.

Prestige Group, which has seen strong growth in office leasing this year, has already leased over 5 million square feet across cities like Bengaluru, Delhi-NCR, Pune, Hyderabad, Chennai, and Kochi. The company expects to lease an additional 500,000 square feet before the year ends, reflecting the strong recovery in the office space market.

The tech sector has been driving office space demand, accounting for 25% of the total demand in 2024, followed by banking and financial services. Bengaluru and Hyderabad saw the highest leasing activity, with office space absorption jumping 31% in the September quarter compared to last year.