News ArticleBagmane Prime Office REIT Leases 1.2 Million Sq Ft in Q2 FY27, Achieves 99% Occupancy with INR166/sqft Rentals
Leasing driven by global capability centers and multinationals with 60% of under-construction space pre-leased, signaling strong demand
Bagmane Prime Office REIT announced strong leasing results for Q2 FY27, achieving 1.2 million square feet leased, 99% committed occupancy, and rental rates of INR166 per square foot per month. The leasing momentum is driven by global capability centers and multinational corporations, with 60% of space under development already pre-leased, underpinning confidence in the portfolio's growth prospects.
Bagmane Prime Office REIT
Earnings Call Transcript
Bagmane Prime Office REIT reported substantial leasing activity in Q2 FY27, leasing 1.2 million square feet and raising its committed occupancy to 99% as of September 30, 2026, supported by strong demand from global capability centers (GCCs) and multinational corporations.
The company leased 1.2 million square feet in the second quarter, more than four times the leasing in Q1 FY27, bringing the total leasing for the first half of the fiscal year to 1.4 million square feet.
Leasing was predominantly by GCCs, accounting for 96% of the leased space this quarter, with 93% of tenants overall being GCCs and 98% foreign multinationals. Significant leases include 326,000 square feet by a big four consulting firm, 295,000 square feet by OpenText, 269,000 square feet by Texas Instruments, and 54,000 square feet by a Fortune 500 semiconductor company.
About 600,000 square feet leased this quarter relates to space under development at Bagmane Cosmos, representing 60% of the approximately 1 million square feet under construction already pre-leased.
The average rent secured in leases signed this quarter was INR166 per square foot per month, with a 9% mark-to-market increase in the half a million square feet re-leased during the quarter. Since FY23, the company has achieved a 15% average re-leasing spread.
The completed portfolio totals 16.7 million square feet, with committed occupancy rising from 98.7% in June 2026 to 99% at the end of September 2026, maintaining the highest occupancy among listed office REITs in India. The average lease expiry is 6.1 years, and portfolio rentals have grown at a 5.9% CAGR since March 2021.
Highlights
- 1.2 million square feet leased in Q2 FY27, quadruple the Q1 leasing volume.
- Committed occupancy increased to 99% as of September 30, 2026.
- 60% of Bagmane Cosmos's 1 million square feet under development already pre-leased.
- Leases signed at an average rental rate of INR166 per square foot per month.
- 9% mark-to-market rental increase on re-leased space during the quarter.
- Portfolio average lease term of 6.1 years and 5.9% CAGR rental growth since March 2021.
Key Data Snapshot
What happened
- Bagmane Prime Office REIT leased 1.2 million square feet in Q2 FY27, significantly higher than the 1st quarter.
- Committed occupancy increased to 99% as of September 30, 2026, across the completed portfolio of 16.7 million square feet.
- Leasing was dominated by global capability centers, comprising 96% of new leases and 93% of total tenants.
Key details
- 60% of the approximately 1 million square feet under construction at Bagmane Cosmos is pre-leased ahead of completion.
- Average rent secured was INR166 per square foot per month, with a 9% increase on re-leased spaces compared to previous rates.
- Major leases included tenants like a big four consulting firm (326,000 sq ft), OpenText (295,000 sq ft), Texas Instruments (269,000 sq ft), and a Fortune 500 semiconductor company (54,000 sq ft).
Strategic context
- India’s office leasing market recorded 61 million square feet of gross leasing in the first nine months of 2026, the highest for this timeframe.
- Bengaluru accounted for 28% of this leasing, maintaining the top position in India’s office markets.
- Growth in GCC leasing by 30.6% year-on-year reflects strong foreign multinational interest, supporting Bagmane REIT’s tenant base composition.
Highlights
- 1.2 million square feet leased in Q2 FY27, quadruple the Q1 leasing volume.
- Committed occupancy increased to 99% as of September 30, 2026.
- 60% of Bagmane Cosmos's 1 million square feet under development already pre-leased.
- Leases signed at an average rental rate of INR166 per square foot per month.
- 9% mark-to-market rental increase on re-leased space during the quarter.
- Portfolio average lease term of 6.1 years and 5.9% CAGR rental growth since March 2021.
Disclosures
- Listing requirements on NSE and BSE
Source Information
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