Bengaluru office rent spikes 26%, NCR falls lowest at 10%: Study – The Times of India

NEW DELHI: Bengaluru recorded a 26 per cent rise in common office leases over the previous 5 years, reaching Rs 93 per sq. foot per 30 days in 2024. The spike comes consequently of rising demand for office house throughout India’s main property markets, in response to actual property consultancy Anarock.
The consultancy company launched rental developments knowledge throughout seven key cities: Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, and Pune. Bengaluru, amongst all of the cities studied, noticed the very best development, with rents rising from Rs 74 per sq ft in 2019 to Rs 93 per sq ft in 2024.
Office rental developments throughout cities
The south Indian metropolis of Hyderabad adopted intently, with a 25 per cent enhance in office rents to Rs 67 per sq ft from Rs 56 per sq ft in 2019. Chennai, additionally following an upward momentum, noticed a 20 per cent bounce, reaching Rs 75 per sq ft from Rs 60 per sq ft.
In Mumbai, leases within the metropolitan area (MMR) rose by 13 per cent, climbing to Rs 140 per sq ft from Rs 124 per sq ft in 2019. Pune noticed a 19 per cent enhance to Rs 81 per sq ft, whereas Kolkata’s office rent grew to Rs 62 per sq ft from Rs 52 per sq ft over the corresponding interval.
Delhi-NCR recorded the slowest development among the many seven cities, with a ten per cent rise, taking the typical office rent to Rs 86 per sq ft from Rs 78 per sq ft in 2019.
Peush Jain, managing director of Industrial Leasing and Advisory at Anarock, attributed the robust rental development in Bengaluru, Hyderabad, and Chennai to their rising IT infrastructure and expert workforce.
“As India continues to be one of the quickest rising economies, international corporates will look to determine their GCCs for growth. The begin-up ecosystem has once more gained momentum and so they too will likely be main drivers of office demand alongside the BFSI sector,” he mentioned.
Mumbai primarily based Anarock expanded into the office leasing enterprise in 2024, including to its current providers in housing brokerage, capital market transactions, and leasing of retail, industrial, and warehousing areas.