Despite the persistent winds against the rental and lease activity, the Indian cities have surpassed the main world centers, with the seven main centers that witness a growth of 4 to 8 percent, according to a report by the Real Estate Services Signature Dress.
According to the report, the rental growth in Delhi recorded an increase or 8.2 percent, while Mumbai saw a rental growth of 6.7 percent.
In marked contrast to the main global cities such as New York, Seattle, Boston, Hong Kong and Shanghai, who have witnessed the decrease in rent in the last five years, India witnessed a constant upward movement.
The growth of the New York rental market in 2024 compared to 2023 was negative, registering a 1.3 percent rental decrease. Meanwhile, Seattle and Hong Kong also recorded a negative rental of 1.9 percent and 6.0 percent, respectively.
The main shopping center of China, Shanghai, also recorded a degradation or 6.8 percent.
Meanwhile, Mumbai, Delhi and Bengaluru registered a rental growth of 6.7 percent, 8.2 percent and 4.7 percent in 2024, respectively, compared to the previous year.
In particular, while some western markets, such as London and Miami, recorded incitas or 31 percent and 53 percent, respectively, the broader global feeling reflects a slowdown due to the increase in vacancies rates and fast -change work strategies.
Shrinivas Rao, CEO of Bareian, states that the decrease in offices space income in the global market is influenced by the emergence of technologies such as generative AI, as well as changes in the strategies of use of office space.
In addition, only in 2024, rental rates in Indian cities increased between 3.8 percent and 8.2 percent compared to the previous year. India remains resistant, promoted by the strong demand of the IT sector and the centers of global capacity (GCC), Rao added.
While global cities continue to see the demand for premium office spaces, affordability and lease driven by the expansion of India establish it separately. As a profitable center, India is prepared for constant growth, the report added.
Speaking about rental trends in India, Rao also declared that the influx of new companies and expansions of the company has led to a significantly demand for office spaces in India.
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First shopping centers such as the BKC of Mumbai and the Delhi Central Business District (Connaught Place and contiguous area) rent high rentals, with an average rent that reaches $ 3-4 per square foot per month.
Strong economic activities, the next Mega infrastructure projects and the expansion of continuous global capacity (CCG) centers to boost the appreciation of rent in the main cities of India.
Although the global offices rental markets continue to face winds against, the Indian offices sector is breaking the trend with sustained growth in the lease and office rentals, the report said.
Posted on April 13, 2025