Asia Pacific Office Outlook 2024

MUMBAI

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

-0.8% -0.6% -0.4% -0.2% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4%

1,680

1,660

1,640

1,620

 Overall, rental values are expected to see growth in the near-term future driven by supply addition in prime sub-markets.  With improvement in net absorption numbers from 2023 onwards, overall rents are expected to grow at 0.8 1.2% until 2025.  Beyond 2025, the rental growth remains largely stable at 1.2% annual growth.

1,600

1,580

1,560

1,540

1,520

2021

2022

2023F 2024F 2025F 2026F 2027F

Rent (INR/SQFT/YR)

Rent growth (%)

Source: Cushman & Wakefield