The average office extends in New York has fallen 1.3 percent in 2024 to $ 7.5 per square foot per month. | Photo credit: Peoplemages
The rental of office spaces in the seven main cities of India increased between 4 and 8 percent annually in 2024, while the eight large markets abroad saw a mixed trend in rental growth, Chordination to Dress.
According to the data of the Real Estate Consultant, the average office rental in New York fell 1.3 percent in 2024 to $ 7.5 per square foot per month.
Shanghai saw a decrease or 6.8 percent to $ 2.8 per square foot per month, while Hong Kong witnessed a fall or 6 percent to $ 5.9 per square foot per month.
The rent of the office in Seattle dropped 1.9 percent in 2024 to $ 4.7 per square foot per month.
However, the average office rentals increased in London by 8.6 percent to $ 8.6 per square foot per month.
Miami saw an increase of 7.3 percent in the rental of the office in 2024 to $ 5.1 per square foot per month, while Boston witnessed an increase of 1.2 percent to $ 5.5 per square foot per month.
The average rental of the office in Singapore increased 0.5 percent by 2024 to $ 7 per square foot per month.
The CEO of Bareian, Shrinivas Rao, said that the decrease in offices space income in some of the global markets is influenced by the emergence of technologies such as generative AI and changes in the strategies of use of the offices space.
Among seven Indian cities, Mumbai saw a 6.7 percent increase in the monthly average rent at $ 1.6 per square foot.
Delhi saw an increase of 8.2 percent in monthly rentals to $ 0.9 per square foot, while Bengaluru witnessed an increase of 4.7 percent to $ 1.1 per square feet.
The average monthly office rental in Pune was $ 1 per square foot in 2024, an annual increase of 4.5 percent.
In Chennai, the monthly office rental stood at 0.8 per square foot in 2024, an annual increase or 7.7 percent.
Hyderabad saw an appreciation or 4.4 percent on average of monthly office rental 2024 at $ 0.8 per square foot.
The average monthly office rental in Kolkata increased 3.8 percent per year Duration 2024 to $ 0.6 per square foot, according to clothing data.
Rao said that the influx of new companies and expansions of the company has led to a significant demand for office spaces in India.
“Global Firms are agesififififredy seicing room space in India Due Robust Economic Growth Compared to other Major Economies of the World, Rich Demographic Dividend, A Large Consumer Base, Rapid Urbologies, and The Easy R Workforce and competitive OF SKILLED WORKABLITY, AND COMPETITIVE OF SKILLEDABILITY, AND COMPETITIVE OF SKILLED Activity, and COMPETITIVIVER OF SKILLABILITY, AND COMPETITIVITY OF SKILLABILITY, AND COMPETITIVITY IN THE SKILL, FINANCE, HEY AGREED.
Rao said that this demand is promoting the need for high quality office spaces.
The consultant said that the main shopping centers such as the BKC of Mumbai and the Central Commercial District of Delhi (Connaught Place and the adjoining area) command high rentals, with the average rent that reaches $ 3-4 per square foot per month.
Posted on April 12, 2025