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Bengaluru tops office leasing in Q1 2026; here are the top five deals of the quarter
Bengaluru leads Q1 office leasing with 5.3 mn sq ft; top deals by Enzyme, Morgan Stanley, Airbus, Brigade and Honeywell highlight strong occupier demand
Bengaluru has emerged as India’s top office market in the January–March quarter of 2026, accounting for 24.8% of national leasing volumes, according to a report by JLL. The city also recorded a 70% share of Global Capability Centre (GCC) leasing, its highest concentration in two years.
Bengaluru leased 5.3 million sq ft of office space in Q1, up 24.7% compared to 4.3 million sq ft last year, the JLL report said.
A series of large-ticket transactions reported in the first quarter saw flexible workspace operators, global financial firms, aerospace majors and technology companies lease significant office space across Bengaluru.
Also Read: Enzyme Office Spaces leases 3.4 lakh sq ft office space in Bengaluru for ₹2.5 crore monthly rent
Flexible workspace expansion drives large-format leasing
Managed workspace provider Enzyme Office Spaces leased a total of 3.4 lakh sq ft across multiple micro-markets in Bengaluru at a combined monthly rent of ₹2.5 crore for a 10-year term. The portfolio includes 1.8 lakh sq ft in Whitefield, 1.5 lakh sq ft in HSR Layout and 16,000 sq ft in Hebbal. The company plans to sublease these spaces to GCCs and startups, targeting ₹50 crore in annual revenue in the next financial year, the company told Hindustan Times Real Estate.
The leases were executed between February 14 and March 5 and have a 10-year term. The company follows a core strategy of leasing properties, furnishing them, and offering them as managed office or enterprise solutions.
Global financial firm anchors Outer Ring Road corridor
Morgan Stanley Advantage Services leased approximately 1.6 lakh sq ft at a prominent office park along the Outer Ring Road–Sarjapur corridor for a monthly rent of ₹1.92 crore over nearly five years, according to documents accessed by Propstack.
The deal, covering two upper floors, translates to a rental rate of about ₹121 per sq ft and includes a security deposit of around ₹11.89 crore.
The lease commenced on January 10, 2026, for a term of five years. Morgan Stanley Advantage Services Private Limited will pay a monthly rent of approximately ₹1.92 crore at ₹121 per sq ft. The tenant has also paid a security deposit of about ₹11.89 crore, the document showed.
Aerospace major expands footprint in a tech park
Airbus India strengthened its presence in Bengaluru with a lease of over 1.51 lakh sq ft at Titanium Tech Park, taking its total footprint in the campus to nearly 8 lakh sq ft, according to lease documents accessed by CRE Matrix.
The eight-year lease carries a monthly rent of about ₹97.09 lakh at ₹64 per sq ft. The lease for the 3rd and 4th floors commenced on January 1, 2026, with rent payments starting from May 1, 2026. The ground-floor lease began earlier, on November 1, 2025, with rent commencing on March 1, 2026. Both leases run until October 31, 2034.
For the upper floors, the monthly rent is ₹73.57 lakh, while the ground floor commands ₹23.52 lakh per month, resulting in a combined monthly rent of nearly ₹ 97.09 lakh. The security deposit is approximately ₹4.75 crore for the 3rd and 4th floors and ₹1.52 crore for the ground floor.
Also Read: Brigade Group leases 1.56 lakh sq ft office space in Bengaluru to two multinational companies
Multinational occupiers take space in North Bengaluru
Brigade Group leased over 1.56 lakh sq ft at a commercial project in Yeswanthpur to two multinational companies, one in filtration technology and the other in laboratory services, the company said.
The space, located in Yeswanthpur, has been leased to MANN+HUMMEL Filter Private Ltd, the Indian arm of Germany-based filtration technology major MANN+HUMMEL, and Labcorp, a global laboratory services provider.
MANN+HUMMEL said the move aligns with its focus on innovation and sustainability, and that the new workspace is designed to encourage cross-functional collaboration. Labcorp noted that the campus environment and modern infrastructure would support its expanding research operations in India and enhance employee experience.
Technology major closes one of the largest deals of the quarter
Honeywell Technology Solutions leased close to 4 lakh sq ft in the Bellandur area for a total rent of ₹429 crore over seven years, according to property registration documents accessed by Propstack.
The office space is located in RMZ Ecoworld, a building measuring 399,220 sq ft. Arliga Ecoworld Business Parks Private Limited, the owner, has leased the space from January 1, 2026, for a period of 7 years, as per the documents.
Spread across multiple floors, the transaction ranks among the largest single occupier deals in the quarter.
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.
