Asia Pacific Office Outlook 2024

CHENNAI

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

960

6.0%

 Rental growth of 4.9% is anticipated by the end of 2023. This is mainly due to higher rentals in good quality developments which have seen healthy demand and limited availability in prime markets.  A marginal rental growth of 1–2% is expected between 2024 and 2025. Rentals are anticipated to reach INR 904 sf/yr at the end of 2025, from INR 876 sf/yr during end-2023.  Beyond 2025, rental growth is expected to experience a slight increase, given the decline in supply and vacancy levels compared to previous years.

940

5.0%

920

900

4.0%

860 880

3.0%

840

2.0%

820

780 800

1.0%

0.0%

760

2021

2022

2023F 2024F 2025F 2026F 2027F

Rent (INR/SQFT/YR)

Rent growth (%)

Source: Cushman & Wakefield