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Global technology company Honeywell Technology Solutions Lab Pvt Ltd has signed a significant office lease deal at RMZ Ecoworld in Bengaluru, solidifying its presence in India’s thriving tech hub. The company has leased nearly 4 lakh sq ft of office space across multiple floors in the prominent commercial complex for a period of seven years, valued at approximately Rs 429 crore.

The lease agreement includes a starting monthly rent of ₹4.39 crore, translating to ₹110 per sq ft per month, with a 5% annual escalation clause over the 84-month tenure. Additionally, Honeywell will have 499 car parking spaces and an option to expand its footprint further by leasing an additional 1.36 lakh sq ft in the RMZ Ecoworld campus.

This deal underscores Honeywell’s long-term commitment to Bengaluru, which has emerged as a hub for global technology firms. The city’s office leasing market has seen significant growth, driven by demand from technology companies, flexible workspace providers, and BFSI firms. According to CBRE’s “India Office Figures Q4 2025” report, office leasing across nine major cities touched 82.6 million sq ft in 2025, with Bengaluru, Mumbai, and Delhi-NCR accounting for 61% of total absorption.

Global Capability Centres (GCCs) have been a significant driver of demand for office space in India, capturing a 39% share in office leasing in the fourth quarter of 2025. They are projected to drive 35-40% of total office space absorption in 2026. Honeywell’s lease deal aligns with this trend, highlighting the growing role of multinational firms in shaping India’s commercial real estate landscape.

Bengaluru has consistently topped the charts for office leasing in India, reflecting its reputation as the country’s IT capital. According to Knight Frank India, the city accounted for around 30% of India’s total office leasing in 2024, with 16.4 million sq ft absorbed between January and September. The city’s office market is expected to continue growing, driven by demand from technology firms, GCCs, and engineering and research and development-focused occupiers.