ExxonMobil Services and Technology, the global competency center (GCC) of the American oil and gas conglomerate, has leased an office space of 235,300 square feet in the International Technology Park of Bangalore (ITPB).
Lease Terms and Duration
The total lease amount for this space will be 70.3 crore rupees. According to the deal documents, the company will pay a monthly rent of approximately 1.86 crore rupees for renting 235,300 square feet of office space in the Inventor building at ITPB. Additionally, the company has paid a deposit of 5.85 crore rupees, and the contract stipulates an annual rent increase of 5 percent.
Contract Details
The contract is for a three-year term and became effective on February 15, 2026. The leased space includes the first four and sixth through eighth floors of the commercial tower.
Analysis of the GCC Market in India
Rajesh Sitaraman, co-founder of Propstack, noted that this deal with ExxonMobil reflects a general trend where GCCs are increasingly signing agreements to lease high-quality, institutional Grade A assets. He emphasized that securing multi-floor expansions at a premium rate indicates deep confidence in India's technology ecosystem as a long-term growth driver.
Market observers note that from January to March 2026, GCCs led in office space leasing in India, occupying 9.1 million square feet (msf), which accounts for 44 percent of the total volume of 20.7 msf. According to a recent report by the real estate consulting firm CBRE, demand from GCCs remains high in regions such as Delhi-National Capital Region, Mumbai, and Bangalore, driven by Fortune 500 companies.
Geography and Market Sectors
Bangalore maintains a central position in GCC activity, accounting for 48 percent of all office leasing. E-commerce shows the highest sectoral demand (24 percent), followed by the Banking, Financial Services, and Insurance (BFSI) and Technology sectors (20 percent each), as well as Research, Consulting, and Analytics (19 percent each).
