Outlook 2023 India

DELHI NCR

RENT GROWTH

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

FORECAST

980

1.5%

 Rentals are yet to recover from the drop recorded during COVID years.  With annual average supply of around 8 msf expected during 2023 and 2024, rentals are expected to witness marginal average growth (0.7%) during these years.  Beyond 2024, rent growth is expected to pick up (1-1.5%) due to rising occupier demand, though higher supply will continue to limit the rate of rental growth.

1.0%

970

0.5%

960

0.0%

950

-0.5%

940

-1.0%

930

-1.5%

-2.0%

920

2020

2021

2022F 2023F 2024F 2025F 2026F

Rent (INR/SQFT/YR)

Rent growth (%)

Source: Cushman & Wakefield