Asia Pacific Office Outlook 2024

BENGALURU

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

3.0%

1,220

 Rentals remained range bound during 2022 and 2023 on the back of strong demand and supply forces. Developers tried to prioritise supply that had higher pre-leasing commitment.  Large incoming supply and a marginal rise in vacancies could gradually render prime submarkets such as ORR and Peripheral East tenant favourable. Preference for top quality assets continues to remain strong though, and there could be pockets where rental premiums are observed.  As demand strengthens in coming years, rents are gradually expected to rise, particularly from 2025 onwards.

1,200

2.5%

1,180

2.0%

1,160

1.5%

1,140

1,120

1.0%

1,100

0.5%

1,080

1,060

0.0%

2021

2022

2023F 2024F 2025F 2026F 2027F

Rent (INR/SQFT/YR)

Rent growth (%)

Source: Cushman & Wakefield