Starbucks Sets Up Chennai GCC | Genpact Signs ₹400+ Crore Gurugram Lease | IWG Adds 43 New India Locations
This week’s FLEXO newsletter brings you the latest developments shaping India’s commercial real estate and flexible workspace market. Starbucks is setting up its first technology hub in Chennai, while Genpact has signed a major long-term office lease in Gurugram. Meanwhile, IWG continues to expand its India footprint, with GCC growth, international expansion and the evolving REIT landscape adding further momentum to the market. Let’s explore the full story in this week’s updates!
Starbucks to Set Up GCC in Chennai
Starbucks has signed an MoU with the Tamil Nadu government to establish a Global Capability Centre in Chennai, with around 800 high-value jobs expected in its first phase. The centre will support Starbucks’ global operations and work closely with its technology and business teams across international markets. The company selected Chennai citing its technology talent pool, talent retention and ability to support its long-term business needs. Hiring is expected to begin in Q1, with the centre forming part of Starbucks’ broader global technology footprint.
Genpact Signs ₹400+ Crore Office Lease in Gurugram
Genpact has leased nearly 4 lakh sq ft of office space at ASF Insignia in Gurugram in a long-term deal valued at around ₹420-450 crore. The company will occupy an exclusive tower at Kings Canyon and is expected to take possession and begin operations in Q2 2027. The facility is expected to accommodate approximately 5,000-8,000 employees or seats and support 24×7 operations. The deal adds to strong office leasing activity across Delhi-NCR, which recorded 7.2 million sq ft of gross leasing in H1 2026.
IWG Signs 43 New Locations in India
International Workplace Group signed 43 new locations in India during H1 2026, making the country its third-largest growth market globally and its fastest-growing market in Asia during the period. IWG currently operates 125 centres across 37 Indian cities and has more than 200 additional centres in its India pipeline. All 43 India signings were secured through managed partnerships with local property partners, allowing IWG to expand into cities including Coimbatore, Ludhiana and Surat without the capital requirements of a traditional expansion model.
Walgreens Sets Up GCC at DLF Downtown Taramani
Walgreens has signed an MoU with the Tamil Nadu government to establish its first Global Capability Centre in India at DLF Downtown Taramani in Chennai. The centre is expected to create more than 250 technology and operational jobs in its first year, with further expansion planned in phases. The facility will be located along Chennai’s OMR GCC corridor as the city continues to attract global companies looking to build technology and business capabilities.
Table Space Invests $31 Million in KMC Solutions
Table Space has agreed to acquire an effective 24.9% economic interest in Philippines-based managed workspace and business services provider KMC Solutions for up to $31 million, or approximately ₹291.25 crore. The investment is part of a wider transaction with Hillhouse’s real-assets strategy, Rava Partners, to acquire a majority stake in KMC Solutions. The combination will create a managed office platform with approximately 13 million sq ft under management across India and the Philippines. As of March 2026, Table Space had 11.46 million sq ft of leasable area across 33 office clusters in eight Tier-I Indian cities.
India’s REIT Market Looks Beyond Office Assets
India’s listed REIT market is exploring opportunities beyond its traditional office-heavy portfolio, with retail, logistics, hospitality and healthcare emerging as potential areas for diversification. Around 84% of the operational portfolio held by existing listed REITs and real-estate InvITs is currently office space, while Colliers estimates that around 164 million sq ft of office assets were already held under existing REITs as of June 2026. Retail has already entered the listed REIT universe, while institutional ownership is growing across warehousing, hotels and healthcare. The broader opportunity will depend on whether these sectors can build sufficiently large pools of mature, income-generating assets suitable for listed structures.
As India’s commercial real estate market continues to evolve, this week’s developments highlight the growing importance of GCCs, flexible workspace and large-scale enterprise offices. Chennai is attracting another wave of global capability investments, Gurugram continues to see sizable corporate leasing commitments, and flexible workspace operators are expanding through increasingly capital-efficient models. At the same time, India’s REIT ecosystem is gradually looking beyond offices towards a broader range of income-generating real estate assets.
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