Outlook 2023 India

KOLKATA

RENT GROWTH

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

FORECAST

605

1.6%

 Rent growth is expected to be marginal at 0.1% 2022; the market remains tenant-favourable.  With significant new supply of around 1.85 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.  Beyond 2023, rent growth is expected to pick up due to rising tenant demand though higher new supply will limit the margin of growth.

600

1.4%

595

1.2%

590

1.0%

585

580

0.8%

575

0.6%

570

0.4%

565

0.2%

560

0.0%

555

2020

2021

2022F 2023F 2024F 2025F 2026F

Rent (INR/SQFT/YR)

Rent growth (%)

Source: Cushman & Wakefield