Outlook 2023 India

MUMBAI

RENT GROWTH

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

FORECAST

1,540 1,550 1,560 1,570 1,580 1,590 1,600 1,610 1,620 1,630 1,640 1,650

1.5%

 Following the recovery in demand, rent growth is expected to turn marginally positive at 0.3% in 2022, following a 0.6% decline in 2021.  With improvement in net absorption numbers from 2023 onwards, overall rents are expected to grow at 0.8-1.0% until 2024.  Rental growth beyond 2024 is anticipated to increase to a little over 1% in 2025 before slowing again.

1.0%

0.5%

0.0%

-0.5%

-1.0%

-1.5%

-2.0%

2020

2021

2022F 2023F 2024F 2025F 2026F

Rent (INR/SQFT/YR)

Rent growth (%)

Source: Cushman & Wakefield