Asia Pacific Office Outlook 2024

KOLKATA

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

620

2.5%

610

2.0%

600

 Rent growth is expected to be lower than 1% in 2023; the market remains tenant favourable.  With significant new supply of around 1.5 msf entering the market in 2023, rental growth is likely to be restricted as developers look to lease out space to prominent occupiers at competitive rates.  Rent growth is expected to pick up from 2024 due to rising tenant demand, though higher new supply will limit the margin of growth. Rents are likely to rise at a faster pace beyond 2025.

590

1.5%

580

570

1.0%

560

550

0.5%

540

0.0%

530

2021

2022

2023F 2024F 2025F 2026F 2027F

Rent (INR/SQFT/YR)

Rent growth (%)

Source: Cushman & Wakefield