Office Rents In Top 6 Indian Cities Exceed Pre-Pandemic Levels In 2024

 

Introduction

Indian Office Market Sees Strong Rental Recovery in 2024

The office rental market across India’s six key cities has witnessed substantial growth, with average rents surpassing pre-pandemic levels for the first time since 2019. This surge in rents, recorded in 2024, reflects a recovery of two to eight per cent compared to the pre-COVID period, driven by the return of strong leasing activity post-pandemic.


Demand for Grade A office spaces began recovering swiftly after the pandemic-induced slowdown in 2020 and 2021. Leasing activity fully rebounded by 2022, with each subsequent year setting new all-time-high office space take-ups across the country. The rental recovery, however, followed a slower trajectory, forming a ‘U-shaped’ trend, and has now caught up with demand growth.

The rental recovery trend differed across cities, with Delhi NCR and Pune witnessing the highest increases. Between 2019 and 2024, both cities recorded an eight per cent rise in average office rents. Mumbai and Chennai saw rents rise by five to six per cent, while Bengaluru recorded a 2.3 per cent increase...........Read More


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