ASIA PACIFIC OUTLOOK 2025

MUMBAI

RENT GROWTH

Overall, rental values are expected to grow in the near term, driven by the addition of new supply in prime sub-markets.

2,500

8.0%

FORECAST

7.0%

With a notable increase in net absorption from 2024 onwards, overall rents are expected to rise steadily.

2,000

6.0%

5.0%

1,500

Beyond 2027, rents are expected to rise due to the completion of new high quality projects.

4.0%

1,000

3.0%

2.0%

500

1.0%

0.0%

0

2022 2023 2024F 2025F 2026F 2027F 2028F 2029F

RENT (INR/SF/YR) AND RENT GROWTH (% PER ANNUM) INR/SQFT/YR

Rent growth (%)

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025

Source: Cushman & Wakefield