Office rents in India's major cities have surpassed pre-pandemic levels in 2024, with Delhi NCR leading the pack with an 8.3% increase compared to 2019. Pune and Mumbai follow closely with significant rises in rental prices.
Office RentsCommercial Real EstateDelhi NcrColliers IndiaPrepandemic LevelsReal EstateOct 23, 2024
Delhi NCR saw the highest increase in office rents in 2024, with an 8.3% rise compared to 2019.
The average rental price increased from ₹99.5 per square foot in 2019 to ₹101.3 per square foot in 2024.
Core micro markets in Delhi NCR, including Golf Course Extension Road, Noida Expressway, and Cyber City, saw rental increases of up to 25% over the past five years.
The office market experienced a sharp V-shaped demand resurgence after a period of sluggish demand in 2020 and 2021, with leasing activity rebounding fully by 2022.
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