Office rents in major Indian cities like Mumbai and Bengaluru rose, with strong demand driving the market.

Prime office rents in Delhi-NCR, Mumbai, and Bengaluru stayed stable in the third quarter of 2024, with Mumbai and Bengaluru seeing 5% and 3% increases year-over-year, respectively. Delhi-NCR ranks as the sixth most expensive office rental market in the Asia-Pacific region. Strong occupier demand and limited new supply are driving the market, with Bengaluru experiencing a 158% increase in transaction volumes year-over-year. The positive outlook for the Indian economy and strong corporate interest are contributing to sustained demand in these markets.

November 16, 2024
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