Walmart leases 4.6 lakh sq ft office space in Chennai for a monthly rent of ₹3.26 crore
Walmart has leased the commercial real estate space in International Tech Park, Chennai, for five years
Walmart has leased 4.6 lakh sq ft of office space in Chennai for ₹3.26 crore monthly rent, documents accessed by Propstack showed.
The office space is located in International Tech Park, and the company paid a deposit of ₹19.55 crore, they showed.
The landlord is Radial IT Park Private Limited, according to the document. The lease period commenced on January 1, 2025, and the total tenure is for five years.
Walmart has leased four floors in the office building for ₹70 per sq ft per month. The rent will go up by 4% every year, the documents showed.
Email queries have been sent to Walmart and Radial IT Park. The copy will be updated if a response is received.
Also Read: South Indian cities lead in commercial leasing, witness 26% increase in average rentals in six years
Southern Indian cities lead in commercial leasing
South Indian cities lead in commercial leasing, with a 26% rise in average rent over six years. Bengaluru tops the list with a 26% increase in monthly office rentals, followed by Hyderabad at 25% and Chennai at 20%. In contrast, NCR in North India experienced a rental growth of 10%, according to Anarock.
Chennai has seen a 20% surge in office rents, from ₹60 per sq. ft. in 2019 to ₹75 per sq. ft, the report said.
Also Read: Cognizant sells its India headquarters in Chennai to Bagmane for ₹612 crore
Other commercial transactions in Chennai
In March, Cognizant Technology Solutions India sold its India headquarters in Chennai to Bagmane Constructions for ₹612 crore.
The property is located in Thoraipakkam on Chennai's Old Mahabalipuram Road (OMR), one of the city's key IT corridors, JLL, which brokered the deal, confirmed. The property spans 5.9 lakh sq ft or 13.6 acres, according to the encumbrance certificate reviewed by HT.com.
Last year August, IT services major LTI Mindtree leased an office space spanning 5.85 lakh square feet in Chennai’s Manapakkam suburb for a starting monthly rental fee of ₹3.98 crore.
The super built-up area of 5.85 lakh square feet is spread across 13 floors, including the ground floor, in Tower 1 of L&T Innovation Campus located on Mount Poonamallee Road.
