BlackRock Services India, the domestic arm of global asset manager BlackRock, has leased 1.4 lakh sq ft of office space at IndiQube Symphony in Bengaluru, according to Propstack data. The 10-year deal is valued at around Rs 4.10 billion.
The lease, among the largest transactions in India’s co-working sector, highlights the growing preference of global institutions for flexible office providers. The agreement, commencing October 1, 2025, covers ground plus five floors in KNG Tower 1 at Ashoknagar, MG Road — one of Bengaluru’s prime commercial hubs.
As per the lease document, BlackRock will occupy a chargeable area of 1,43,127 sq ft. The monthly rent is set at Rs 20.72 million, with a security deposit of Rs 210.75 million and an annual rent escalation of 5 per cent.
Flexible workspaces gain traction
The transaction underscores the resilience of Bengaluru’s Grade-A office market and the rising role of co-working operators in securing large-scale enterprise clients. For BlackRock, the lease signals a long-term commitment to expanding operations in India, reflecting the country’s growing importance in its global network.
Business Standard reached out to both BlackRock and IndiQube for comments but did not receive a response at the time of publication.
Office space demand surges
India’s office real estate sector has seen strong momentum. According to a joint report by Colliers and CREDAI, Grade-A office and industrial space in the country is projected to cross 2 billion sq ft by 2047, with the overall real estate sector expected to grow into a $5–10 trillion market. The report notes that India’s Grade-A office stock has already tripled since 2010, exceeding 800 million sq ft, fuelled by demand from Global Capability Centres (GCCs), BFSI, technology, and manufacturing firms.
The growing uptake of flexible workspaces has further strengthened India’s office market, cementing its role as a key driver of the country’s real estate growth.
Recent large transactions include Apple’s 2.7 lakh sq ft lease at Embassy Zenith, Bengaluru, valued at over Rs 10 billion, and TCS’s 1.4 million sq ft lease in Electronic City with a 15-year tenure.
News source: Business Standard
