Amazon, Honeywell, and Synopsys secured major office leases in Bengaluru, highlighting the city’s position as India’s top office space market. These deals, totalling over 1.6 million sq ft, align with Bengaluru’s record-breaking office leasing activity, which accounts for 30% of India’s total leasing and signals strong future demand.
In three major real estate deals, global companies Amazon, Honeywell, and Synopsys have secured substantial office leases in Bengaluru, solidifying the city’s position as India’s top office space market. According to documents accessed via real estate analytics platform Propstack, these high-profile transactions reflect the strong demand for premium office spaces in Bengaluru, particularly from multinational corporations.
Amazon Renews Lease at Constellation Business Park
Amazon’s India Development Center has renewed its lease for 676,000 square feet of space in the Taurus 3 facility at Constellation Business Park. The five-year lease, registered in October 2024, begins with a monthly rent of ₹4.92 crore and includes 940 car parking slots. Bagmane Developers is the landlord for this space, which is leased over ten floors. Terms include a 15% rent escalation every three years and an option to extend the lease for an additional five-year period.
Honeywell Extends Tenure at RMZ Ecoworld
Similarly, industrial giant Honeywell renewed its lease for 590,000 square feet across three blocks in RMZ Ecoworld, East Bengaluru. The five-year lease began in August 2024, with a starting rent of ₹2.41 crore per month. Honeywell’s agreement, executed in September, includes a 10% rent escalation after two years and a parking allocation for 787 vehicles. The lease also required a security deposit of ₹19.82 crore and a registration fee of ₹28.82 lakh, highlighting Honeywell’s continued investment in Bengaluru.
Synopsys Leases Space at Bagmane Capital Troy
American electronic design company Synopsys has taken up 430,000 square feet in Bagmane Capital Troy for a seven-year term. Starting at a monthly rent of ₹4.19 crore, the lease comes with a 15% rent increase every three years and an option to extend for an additional three years. The lease also includes 504 parking spaces, with Bagmane Developers as the primary lessor. Synopsys paid a security deposit of ₹25.18 crore, reflecting the scale and significance of the deal.
Bengaluru’s Office Leasing Dominance
Bengaluru continues to lead India’s office leasing market, accounting for approximately 30% of the country’s total leasing activity in 2024, according to a recent CBRE report. The city recorded 7.1 million square feet of leasing in Q3 2024, more than doubling the 3.4 million square feet leased in the same period last year. By 2030, Bengaluru will reach 330-340 million square feet of office stock, fueled by strong IT, technology, and global corporate demand.
The CBRE report, “Karnataka Horizon: Navigating Real Estate Excellence in the South,” noted that Bengaluru’s office stock has surged from 100 million square feet in 2013 to over 223 million square feet by mid-2024. This increase underscores the city’s growing appeal among large corporations seeking substantial, high-quality office spaces in India’s leading tech hub.
These significant leases by Amazon, Honeywell, and Synopsys showcase Bengaluru’s sustained demand for office space. With continuous investments from global corporations and anticipated future growth, Bengaluru is firmly positioned as India’s leading commercial real estate destination.
