Bengaluru’s Office Leasing Market Soars: Major Deals by Amazon, Synopsys, and Honeywell
Bengaluru, India’s technology and innovation hub, continues to solidify its position as a leading business destination with a series of high-profile office lease agreements. As per property registration documents accessed through the real estate data analytics platform Propstack, e-commerce giant Amazon and industrial conglomerate Honeywell have renewed their office leases in the city, while American electronic design automation leader Synopsys has secured 4.3 lakh square feet of office space in a fresh agreement.
Amazon’s Office Lease Renewal
Amazon has renewed its lease for 6.76 lakh square feet of office space at the Taurus 3 facility in Constellation Business Park, Bengaluru. This five-year lease extension highlights Amazon's commitment to the city as a key hub for its operations in India. The lease agreement sets the initial monthly rent at ₹4.92 crore, with a stamp duty of ₹1.11 crore and a registration fee of ₹56.04 lakh. Amazon will also have parking for 940 vehicles. Rent will increase by 15% every three years, keeping pace with market rates. Bengaluru’s combination of skilled talent and reasonable operational costs continues to attract major multinational companies like Amazon.
Honeywell’s Lease Renewal in RMZ Ecoworld
Honeywell has renewed its lease for 5.9 lakh square feet at RMZ Ecoworld in East Bengaluru. The lease, registered in October 2024, includes a monthly rent of ₹2.41 crore and a security deposit of ₹19.82 crore. It also includes a stamp duty of ₹57.54 lakh and a registration fee of ₹28.82 lakh. The agreement provides parking for 787 vehicles, reflecting the company’s ongoing presence in Bengaluru’s thriving tech ecosystem. Honeywell’s decision to renew its lease further strengthens the city’s reputation as a preferred destination for tech and industrial companies.
Synopsys’ New Lease Deal at Bagmane Capital Troy
Synopsys, a leader in electronic design automation, has signed a new lease for 4.3 lakh square feet of office space at Bagmane Capital Troy, Bengaluru. The seven-year lease, registered in September 2024, includes a starting rent of ₹4.19 crore per month, a security deposit of ₹25.18 crore, and a stamp duty of ₹1.09 crore. The agreement also provides a rent escalation clause of 15% after three years and a lock-in period of five years. Synopsys chose Bengaluru for its access to skilled engineers and cutting-edge research facilities, making it a top choice for tech-focused companies. The leased space also includes parking for 504 cars.
Lease Deals At A Glance
- Amazon: 6.76 lakh sq. ft. at Taurus 3, Constellation Business Park; ₹4.92 crore monthly rent.
- Honeywell: 5.9 lakh sq. ft. at RMZ Ecoworld; ₹2.41 crore monthly rent.
- Synopsys: 4.3 lakh sq. ft. at Bagmane Capital Troy; ₹4.19 crore monthly rent.
Bengaluru’s Position in Commercial Real Estate
Bengaluru has consistently topped the charts for office leasing in India, reflecting its reputation as the country’s IT capital. According to a recent CBRE report, Bengaluru accounted for around 30% of India’s total office leasing in 2024, with a remarkable 16.4 million square feet absorbed between January and September. This strong performance is attributed to the presence of IT, e-commerce, and industrial giants who view Bengaluru as a long-term operational base.
During the July-September quarter of 2024, Bengaluru saw office space absorption rise to 7.1 million square feet, doubling the 3.4 million square feet recorded in the same period in 2023. This trend aligns with industry predictions that Bengaluru will maintain its leadership in India’s commercial real estate market, with an anticipated 330-340 million square feet of office space stock by 2030.
With ongoing infrastructure investments, particularly in business parks and transit systems, Bengaluru is well-positioned to continue attracting major corporate investments, solidifying its reputation as a cornerstone of India's commercial real estate landscape.
