WeWork Leases 1.43 Lakh Sq Ft to IBM, OpenText in Bengaluru

WeWork has leased 1.43 lakh square feet of office space to IBM and OpenText at its Embassy Golf Links Business Park facility in Bengaluru. IBM has taken 73,000 square feet, while Canadian information management firm OpenText has leased 70,000 square feet, both for two-year tenures. Each space can accommodate around 600 seats, according to industry insiders.

 

“There’s a rising demand for managed office spaces among enterprises”, one source said, noting that both companies are expected to begin operations soon. WeWork did not respond to requests for comment.

 

A recent report by Cushman & Wakefield revealed that flexible office space supply in India reached 58 million square feet in the first half of 2024, marking a record 27% share of total office leasing activity. The IT sector accounts for 50% of total absorption, followed by engineering and manufacturing at 18%, and banking, financial services, and insurance (BFSI) at 12%.

 

IBM’s recent activity in Bengaluru includes the renewal of an 830,000 square feet office lease, costing Rs 143 crore annually, one of the largest deals in the sector this year. The tech giant holds about 10 million square feet of office space across key Indian cities like Bengaluru, Hyderabad, Noida, Gurgaon, and Kolkata.

 

Meanwhile, OpenText recently inaugurated a 1.9 lakh square feet development center in Hyderabad’s Financial District. WeWork India currently operates in eight cities with 55 locations, catering to over 70,000 members.