Qualcomm Leases 2.56 Lakh Sq Ft Office Space in Bengaluru

US-based technology firm Qualcomm is expanding its footprint in India by leasing approximately 2.56 lakh square feet of office space in the Constellation Business Park – Virgo, situated in Bengaluru's Bagmane Tech Park. The deal involves Qualcomm occupying the 5th, 6th, 7th, and 11th floors of the property. The lease agreement is set to begin on August 1, 2026, with a monthly rent of ₹113 per square foot, totaling ₹2.89 crore per month. The contract includes a 15 percent rent escalation every three years, a common clause to adjust for inflation and market value over time. A security deposit of ₹5 crore has also been paid. The total rental commitment over the lease tenure is estimated to be around ₹184 crore. This new office will be Qualcomm's fifth in Bengaluru, adding to its existing facilities in Bagmane Constellation and Whitefield. Across India, the company operates 12 offices in major cities like Bengaluru, Hyderabad, New Delhi, Noida, Chennai, and Gurgaon. Impact: This expansion by a major global technology company signals confidence in India as a business destination and a hub for talent. It can positively impact the commercial real estate sector, particularly in Bengaluru, and indirectly boost employment and economic activity. For investors, it highlights the continued growth of the tech sector and related industries in India. Impact: 7/10 Difficult Terms Explained: * Lease: A contract by which one party conveys land, property, services, or equipment to another party for a specified period of time, usually in return for payment. * Sq Ft (Square Foot): A unit of area measurement. * Developer: A company that buys land and builds houses, offices, or other buildings on it. * Rent Escalation: An increase in the rent amount at pre-defined intervals, as specified in the lease agreement, to account for inflation or market changes. * Security Deposit: An amount of money paid by a tenant to a landlord to cover any potential damage to the property or unpaid rent. * Rental Commitment: The total amount of money a tenant agrees to pay for renting a property over the entire duration of the lease agreement.