Asia Pacific Office Outlook 2024

AHMEDABAD

RENT GROWTH

R E N T ( I N R / S F/ Y R ) A N D R E N T G R OWT H ( % P E R A N N U M )

FORECAST

570

3.5%

560

3.0%

550

2.5%

540

530

2.0%

 Rental growth is forecast at 2.9% for 2023 and will remain around 1.5 – 2% until 2025.  The rental growth is mainly driven by limited, superior grade space availability and strong demand in select submarkets of the city.  Rental growth is expected to stay low beyond 2025 after strong supply hits the market.

520

1.5%

510

500

1.0%

490

0.5%

480

0.0%

470

2021

2022

2023F 2024F 2025F 2026F 2027F

Rent (INR/SQFT/YR)

Rent growth (%)

Source: Cushman & Wakefield