HSBC India arm leases 1.2 lakh sq ft office space in Bengaluru

Mumbai: British multinational banking and financial services group HSBC's India arm has picked up over 120,000 sq ft of office space in a commercial tower in Bengaluru through a long-term sub-lease spanning an initial period of five years, with an option to extend it by another five years.

The transaction involves office space spread across the first, second and third floors of the commercial tower Ecospace Campus 1C on on Outer Ring Road in Bellandur. At the contracted monthly rental, the lease entails a rental commitment of around Rs 191.84 crore over the initial five-year tenure.

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If the extension option is exercised, the potential rental outgo over 10 years could amount to Rs 383.68 crore, if the rent remains unchanged and excluding any escalation.

The premises have been sub-leased to HSBC Electronic Data Processing India by Cowrks India, while Arliga Ecoworld Infrastructure is the principal lessor and confirming party, showed documents accessed through realty data analytics platform CRE Matrix.

The transaction, registered on October 23, involves a security deposit of Rs 19.18 crore, equivalent to six months of rent, and includes 119 car parking spaces.

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Both the sub-lease commencement date and rent commencement date have been recorded as August 24, 2026. The office space is being provided in a fully furnished plug-and-play format.

ET’s email queries to HSBC India and CoWrks India remained unanswered until the time of going to press.

The transaction adds to office leasing activity along Bengaluru's Outer Ring Road, one of the country's prominent commercial office corridors, which has attracted multinational companies, technology firms and global capability centres.

India's office leasing market has continued to attract multinational companies, technology firms and global capability centres, supported by business expansion and the growing role of India in global operations.

Demand has remained broad-based across major office markets, with companies leasing space for both new operations and expansion of existing facilities. Global capability centres have emerged as an important demand driver, while flexible workspace operators are also accounting for a larger share of office transactions.