Asia Pacific Office Outlook 2024

DELHI NCR

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

990

1.2%

980

1.0%

970

 Between 2021–23, rents remained range-bound.  With annual average supply of around 10.4 msf expected during 2023 and 2024, rentals are expected to witness marginal average growth (~0.4%).  Beyond 2024, rent growth is expected to pick up (0.8-1%) due to rising occupier demand, although it is likely to remain range-bound at that level owing to consistent supply hitting the market.

0.8%

960

0.6%

950

0.4%

940

0.2%

930

920

0.0%

2021

2022

2023F 2024F 2025F 2026F 2027F

Rent (INR/SQFT/YR)

Rent growth (%)

Source: Cushman & Wakefield