Office rents up 7% in top 7 cities despite tepid leasing in HIFY24: Anarock
Business Standard|December 08, 2023
Notwithstanding tepid leasing activity in the first half (H1) of 2023-24 (FY24), average rental values across the top seven cities witnessed a 7 per cent growth in H1FY24 compared to the same period in 2022-23 (FY23), essentially due to increased construction and input costs, according to Anarock Research.
Office rents up 7% in top 7 cities despite tepid leasing in HIFY24: Anarock

The data indicates that Grade A office rental values averaged at ₹83 per square foot per month across the top seven cities in H1FY24, while in the corresponding period in FY23, it was about ₹77.5 per square foot per month.

The top seven cities covered by Anarock are Bengaluru, Mumbai Metropolitan Region (MMR), Delhi-National Capital Region (NCR), Chennai, Hyderabad, Pune, and Kolkata.

Chennai saw the highest 10 percent yearly increase in average office rental value, followed by Hyderabad with an 8 percent yearly growth. Bengaluru, Pune, and Kolkata saw 7 percent annual growth each. Realty hotspots MMR and NCR registered a 5 percent jump in rental values.

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