Global technology major Honeywell Technology Solutions Lab Pvt Ltd has leased nearly 4 lakh sq ft of office space at RMZ Ecoworld in Bengaluru’s Bellandur for a total rental outlay of about ₹429 crore over seven years, according to property registration documents accessed by Propstack. The lease, which begins January 1, 2026, underscores continued demand from global technology firms and GCC operators in Bengaluru’s prime office micro-markets.

According to the documents, the leased premises span multiple floors, covering the ground to the second floors and the fourth to the ninth floors of the building. Honeywell will pay a starting monthly rent of ₹4.39 crore, equivalent to a rental rate of ₹110 per square foot per month. The agreement is for a seven-year tenure (84 months), with a 5% annual escalation clause, a report by Hindustan Times stated.

Over the full lease period, the total rental expenditure is estimated to be around ₹429 crore. The company has also paid a security deposit of ₹26.85 crore, as per the documents.

The documents indicate that the space was leased along with 499 parking spaces for cars. In addition to the committed space, the lease includes an expansion plan. Honeywell has the option to take additional space in a phased manner at RMZ Ecoworld Campus 5B, comprising 55,619 sq ft on the third floor and 80,541 sq ft on the fourth floor, on or before June 1, 2026.

An email query sent to Honeywell and Arliga Ecoworld Business Parks Private Limited did not get a response. The story will be updated if a response is received.

Office leasing across nine major Indian cities reached 82.6 million sq ft in 2025, a marginal 1% year-on-year increase driven by improved demand from domestic and foreign companies. Bengaluru, Mumbai, and the Delhi-NCR region led the activity, together accounting for around 61% of total space absorption, according to a report by CBRE.

In the fourth quarter alone, leasing touched 22.2 million sq ft, with the same three markets driving demand. Technology, flexible spaces and BFSI corporates led absorption with a cumulative share of 60% in 2025.

GCCs continued to power India’s office market, capturing a 39% share in Oct-Dec 2025. Global firms are expected to expand their footprints in India through their Global Capability Centres (GCCs). These centres are projected to drive 35-40 per cent of total space absorption in 2026, the report titled ‘CBRE India Office Figures Q4 2025’ said.