Outlook 2023 India

CHENNAI

RENT GROWTH

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

FORECAST

865

1.2%

 Marginal rental growth of 0.5-0.7% is expected until 2024 as the market is likely to remain tenant favourable with approximately 17 msf of supply to complete during 2022-2024. Rentals are anticipated to reach INR 846 sft/yr at the end of 2024, from INR 835/sft during end 2022.  Rental growth is likely to witness a

860

1.0%

855

0.8%

850

0.6%

845

0.4%

840

0.2%

sharp rise beyond 2025 with declining supply and vacancy levels, when compared to the previous years.

835

0.0%

830

-0.2%

825

-0.4%

820

-0.6%

815

-0.8%

2020

2021

2022F 2023F 2024F 2025F 2026F

Rent (INR/SQFT/YR)

Rent growth (%)

Source: Cushman & Wakefield