BENGALURU: Honeywell, a US-based technology giant, has signed a lease for 399,220 square feet of office space at Ecoworld in Bellandur through its Indian subsidiary, Honeywell Technology Solutions Lab, as reported by Propstack. This agreement is among the largest single-tenant leases in the tech corridor of Bengaluru.
The office, located in Block 5A of Ecoworld, is owned by Arliga Ecoworld Business Parks. The lease, beginning on January 1, 2026, spans a duration of 84 months (7 years).
According to the registration document, “The leased space covers multiple levels, from the ground to the second floor, and also the fourth to ninth floors, highlighting Honeywell’s need for extensive office space.” The monthly rental will be Rs 4.39 crore at a rate of Rs 110 per square foot, totalling an estimated Rs 429 crore over the lease term, excluding escalation and other costs.
The lease includes a 5% annual escalation clause, aligning with current market standards for Grade A office spaces in premium micro-markets like Bellandur-Outer Ring Road. A security deposit of Rs 26.85 crore has been made by Honeywell.
The agreement also outlines a phased plan for additional expansion within the Ecoworld campus, including an extra 55,619 sq ft on the third floor and 80,541 sq ft on the fourth floor of Campus 5B. This expansion, totaling over 136,000 sq ft, is expected to occur in phases by June 1, pending specific conditions.
Experts in the industry view this transaction as a testament to the ongoing demand for spacious, quality office facilities from global tech and engineering firms in Bengaluru, particularly along the Outer Ring Road, which remains attractive to global capability centres (GCCs).
A senior property consultant, who preferred to remain unnamed, stated, “Large floor plans, campus-style layouts, and proximity to talent are essential factors for companies like Honeywell. Despite ongoing construction, Bellandur is still one of the most desirable micro-markets.”
Bengaluru has maintained its position as India’s largest office leasing market in recent years, driven by demand from tech firms, GCCs, and companies focused on engineering and R&D. Transactions of this nature indicate that firms are increasingly opting for long-term leases as workplace strategies stabilize and headcounts rise in specific sectors. This trend also underscores a preference among multinational firms for consolidated campuses rather than dispersed office spaces, as they prioritize collaboration, cost efficiency, and scalability.
For Honeywell, this lease reaffirms its commitment to Bengaluru as a vital center for its global engineering, digital, and software operations, highlighting the significant role of its India teams in product development, digital solutions, and innovation for international markets.
