Prime office rents in Delhi-NCR, Mumbai, Bengaluru to stay stable for 12 months

The premier bureau rents successful Delhi-NCR, Mumbai and Bengaluru remained unchangeable successful the July-September period, portion Mumbai and Bengaluru saw year-over-year (YoY) increases of 5 per cent and 3 per cent, respectively, driven by beardown occupier request and constricted caller supply, according to a study connected Saturday.

Prime bureau rentals successful Delhi-NCR, Mumbai, and Bengaluru remained robust year-on-year, and rental rates are expected to enactment unchangeable implicit the adjacent 12 months. Delhi-NCR presently is the sixth astir costly bureau abstraction rental marketplace crossed the Asia-Pacific region, according to a Knight Frank report.

In Q2 and Q3 2024, combined transaction volumes crossed these 3 markets deed consecutive all-time highs. This maturation is mostly attributed to planetary capableness centres (GCCs) and India-focused businesses.

The surge reflects optimism astir India's economical future, its affluent endowment pool, business-friendly regulations, and the ongoing maturation of its immense user markets., said the report.

“The resilience of the Indian system continues to pull beardown planetary firm interest, arsenic reflected successful the sustained request crossed India's large bureau markets,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.

“This affirmative outlook, supported by accordant carnal occupancy, dependable rent levels since 2022, and rising request successful 2024, underscores our assurance successful the sustained spot of the Indian bureau marketplace successful the adjacent to mean term,” helium added.

In Q3 2024, Bengaluru saw the largest measurement growth, up 158 per cent (on-year). Bengaluru's lasting arsenic a GCC hub was further supported by the information that 62 per cent of the abstraction traded successful the metropolis was from GCCs. The bulk of Mumbai and NCR's concern measurement was made up of companies that dealt with India.

In Mumbai, the premier bureau rent was recorded astatine Rs 317 per quadrate feet per month. In Bengaluru, it was Rs 138 per sqft per period and successful Delhi-NCR, it was Rs 340 per sq ft per month.