Bengaluru’s position as India’s leading Global Capability Centre (GCC) destination has received another major endorsement with US retail giant Target significantly expanding its office footprint in the city. Target Corporation India Private Limited has leased approximately 8.31 lakh square feet of premium office space at Embassy Manyata Business Park, marking one of the largest commercial real estate transactions signed by a multinational company in recent years.
According to property documents accessed by industry sources, the lease agreement has been signed with Embassy Office Parks REIT and spans a period of 10 years. The deal carries an estimated rental commitment of nearly ₹1,250 crore over the lease tenure, underscoring the growing confidence of multinational corporations in Bengaluru’s commercial real estate market.
The leased premises comprise the ground floor and ten upper floors of a newly completed office block within Embassy Manyata Business Park, one of India’s largest integrated business campuses. The lease commenced on September 1, 2025, with Target agreeing to pay a monthly rental of ₹105 per square foot. This translates into a monthly rental outflow of approximately ₹8.7 crore. Additionally, the company has deposited a security amount of ₹52.36 crore. The agreement also includes a 15% rental escalation every three years, reflecting the premium nature of the property and the long-term commitment of the tenant.
Industry experts view the transaction as a significant indicator of the continued growth of GCCs in India. Global corporations are increasingly consolidating and expanding their operations in established technology hubs, with Bengaluru remaining the preferred destination due to its skilled workforce, robust infrastructure, and mature business ecosystem.
Embassy Manyata Business Park, located along Bengaluru’s strategic Hebbal-Airport corridor, spans around 121 acres and offers approximately 17.2 million square feet of leasable office space. The campus houses more than 60 multinational corporations and supports a workforce of over 100,000 professionals. Its scale, connectivity, and integrated infrastructure have made it one of Asia’s most prominent commercial office destinations.
The transaction also highlights the growing role of Real Estate Investment Trusts (REITs) in India’s commercial property sector. Embassy Office Parks REIT, which owns the business park, continues to attract high-quality multinational tenants, reinforcing investor confidence in income-generating commercial assets. REITs have emerged as an important investment vehicle, enabling investors to participate in large-scale real estate projects without directly owning physical property.
Bengaluru’s office market has remained particularly strong in 2026. Recent industry reports indicate that the city accounted for nearly one-fourth of India’s total office leasing activity during the first quarter of the year. GCCs have played a dominant role in driving this demand, contributing a substantial share of overall leasing volumes.
