Global captives keep supersizing Bengaluru's office market, with marquee leases by Target and NVIDIA

Bengaluru's office market keeps setting the pace for global capability centres. Target's India arm has committed to roughly 8.3 lakh sq ft at Manyata's Embassy Business Park on a ten-year lease valued near ₹1,250 crore, while chipmaker NVIDIA has taken about 7.6 lakh sq ft in Mahadevpura — among the largest single office deals the country has seen.

The mega-leases sit atop a record run for GCCs nationally. By CBRE's count, global captives leased about 9.1 million sq ft in the first quarter alone — their highest-ever quarterly take and roughly 44% of all office absorption — while Colliers pegged first-half gross leasing across India near 35.7 million sq ft. Bengaluru remains the GCC capital, capturing the single largest share of activity.

Office demand of this scale ripples straight into housing. Each large captive seeds thousands of high-income jobs that lift rents and home sales in nearby corridors — Outer Ring Road, Whitefield and the airport belt — the same pattern that powers premium residential demand around Mumbai's and Pune's office hubs.

The caveat is concentration: leasing is heavily tied to the technology and GCC cycle, and any slowdown in global expansion plans would be felt first in cities like Bengaluru. For now, the pipeline of captive demand looks deep.