My experience is scant but easily gained and verified. It consisted of using the free version of IAR with a demo BeeKit generated project -- yes, it exceeded the 32KB limit. Not hard for you to repeat for yourself. It has been a couple of years so if I'm wrong, I'd be happy to be corrected.
Some people like the IAR compiler. I'm just more use to GCC and Eclipse and really had no personal desire to pay for IAR (IE no paying customer with a deadline). BeeKit has not been ported to GCC ARM yet. So, today, there is little other choice. There has been some suggestions at cobbling together a solution with parts from BeeKit brought into other development environments. I simply have not tried these.