Honeywell Technology Solutions Lab Pvt Ltd, a global technology major, has signed a lease for almost 400, 000 square feet of office space in the Bellandur area of Bengaluru for a total rent commitment of around 429 crore for a period of seven years, as per the property registration documents obtained through the real estate data analytics company, Propstack.
The leased office space, which measures 399, 220 sq ft, is at RMZ Ecoworld, a leading commercial campus in Bellandur, one of the key office sub-markets in Bengaluru. The owners of the premises are Arliga Ecoworld Business Parks Private Limited, which has leased the space to Honeywell from January 1, 2026, for a duration of 84 months.
As per the documents, the office space spans multiple floors of the building, covering the ground to second floors and the fourth to ninth floors. Honeywell will pay a starting monthly rent of ₹4.39 crore, translating to a rental rate of ₹110 per sq ft per month. The lease agreement includes a 5% annual escalation clause, which brings the estimated total rental outgo to around ₹429 crore over the lease period.
In addition to the rental commitment, Honeywell has paid a security deposit of ₹26.85 crore, the documents show. The lease also includes 499 car parking spaces, underscoring the scale of the company’s operations at the campus.
The deal also makes provisions for expansion in the future. Honeywell shall have the right to lease more space gradually at RMZ Ecoworld Campus 5B, which has 55, 619 sq ft on the third floor and 80, 541 sq ft on the fourth floor, on or before June 1, 2026, subject to agreeing on the terms.
Bellandur still remains one of the most attractive office locations in Bengaluru, mainly because of its excellent connectivity, closeness to residential areas, and the presence of a large number of technology companies and Global Capability Centres (GCCs). Honeywell's large, scale office transaction, among others, is a testimony to the continued demand for Grade A office space in the city from the perspective of multinational corporations that are ramping up their India operations.
India's office leasing market remained steady in 2025 when a total of 82.6 million sq . ft. of office space was leased across the nine major cities, only showing a marginal 1% year, on, year increase, according to a recent CBRE report.
Bengaluru, Mumbai and Delhi NCR alone accounted for roughly 61% of the total space absorption.
Global Capability Centres continued to drive demand, capturing a 39% share of office leasing in the October–December 2025 quarter. Industry experts expect GCCs to contribute 35–40% of total office space absorption in 2026, reinforcing India’s position as a preferred destination for global enterprises.
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