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After a steep nosedive in demand for office space rentals during 2020 and 2021, a new <keyword id="19955574" type="General" weightage="20" keywordseo="Colliers-report" source="keywords">Colliers report</keyword> has now noted that office rentals across six major <keyword id="20026638" type="General" weightage="20" keywordseo="Indian-cities" source="keywords">Indian cities</keyword> have finally rebounded to their <keyword id="20789690" type="General" weightage="20" keywordseo="pre-pandemic-levels" source="keywords">pre-pandemic levels</keyword> and even inched around 2-8% higher. While some cities like <keyword id="19900176" type="General" weightage="20" keywordseo="Hyderabad" source="keywords">Hyderabad</keyword> and Pune had already gone beyond their pre-pandemic rental levels as early as 2022, <keyword id="19895037" type="General" weightage="20" keywordseo="Bengaluru" source="keywords">Bengaluru</keyword> and Chennai had followed suit a year later in 2023. The last to join the bandwagon were <keyword id="19906633" type="General" weightage="20" keywordseo="Delhi-NCR" source="keywords">Delhi NCR</keyword> and Mumbai, which finally managed to breach their pre-pandemic levels in 2024. However, both Delhi and Mumbai recorded the highest jump in average rentals at 8% each, followed by Mumbai and Chennai, which saw hikes of about 5-6% during this period. The recovery in demand for office spaces, which kicked off in 2022, has stayed steady since. Arpit Mehrotra, Managing Director, Office Services, India, Colliers notes that going ahead, the annual increase in average quoted rentals at the end of 2024 is likely to be higher for certain cities like Delhi NCR and Pune, as compared to other markets. "Moreover, as demand scale-up in Indian <keyword id="20107243" type="General" weightage="20" keywordseo="commercial-real-estate" source="keywords">commercial real estate</keyword> solidifies, notwithstanding unforeseen events, annual space take up to the tune of 60 million sq ft is likely to be the new norm in the medium-term," he added. <h2>Prime location takes the cake</h2>Even within these cities, the growth of rental demand in certain micro-markets, which are located at prime locations, saw greater than the 2-8% average growth. For instance, in Delhi NCR, Gold Course Extension Road, Noida Expressway, and Cyber City saw up to a 25% rise in rentals. In Bengaluru, which saw around 2% <keyword id="22329786" type="General" weightage="20" keywordseo="rental-growth" source="keywords">rental growth</keyword> overall, Whitefield and ORR (Outer Ring Road) commanded a rental premium, with rents here surging by as much as 5-10% between 2019 and 2024. IOMR Zone 1 in Chennai and Bandra-Kurla Complex, Goregaon, and JVLR in Mumbai saw rents surge by around 10-20% from pre-pandemic levels between 2019 and 2024. In contrast, rental rates in Chennai and Mumbai grew at around 5% and 6%, respectively. In Hyderabad, SBD, or the Secondary Business District, which comprises of Gachibowli, Hitec City, and more, saw rentals surge between 5-10% between 2019 and 2024, as opposed to the 5% cumulative rental growth experienced by Hyderabad. In Pune, CBD and Kharadi saw rentals inch up by 5-10%, whereas the whole of Pune only saw their rentals grow by around 5% during the past 6 years. Mumbai and Delhi have also seen a dip in <keyword id="23656583" type="General" weightage="20" keywordseo="vacancy-levels" source="keywords">vacancy levels</keyword> since 2019. While this has dropped to 20% in Delhi at present, Mumbai ranks the lowest in terms of empty office spaces at 10.7%. In both these cities, demand for office spaces has consistently outpaced supply, which explains the low vacancies. In contrast, in Hyderabad, where supply continues to trump demand, current vacancy levels have gone as high as 25%. Going ahead, the Colliers report also estimates that average office rentals can witness up to 10% annual growth across key Indian cities by the end of this year.

Office rents across all major Indian cities surpass pre-pandemic levels in 2024, notes a new report

<ul><li><keyword id="6358070" type="General" weightage="20" keywordseo="mumbai" source="Orion">Mumbai</keyword> absorbed 1.2 million square feet during the quarter, which is 25% less than the last quarter. </li><li>Tenants’ approach to cutting costs reduced real estate activities across the micro markets of Mumbai, the report said. </li><li>Overall, in the top seven markets, office space absorptions grew by 2% on a QoQ basis, and dropped by 4% on a YoY basis. </li></ul>India’s maximum city Mumbai saw a sharp quarter-on-quarter (QoQ) drop in <keyword id="1039552" type="General" weightage="20" keywordseo="office-space-absorption" source="Orion">office space absorption</keyword> in the first quarter of 2023, says a report by Vestian, a workplace solutions company. The report says that the city absorbed 1.2 million square feet during the quarter, which is 25% less than what was seen in the December quarter. “Tenants’ approach to cutting costs reduced real estate activities across the micro markets of Mumbai. The effect of demand slowdown was prominent as the city accounted for only 10% of the pan-India absorption. It declined from 14% a quarter earlier,” the report said. In spite of the slowdown in demand, the city has limited availability of new Grade A office spaces, which helped rents go up by 1.7% during the quarter. “Surprisingly, the city did not witness any new supply during the current quarter. This could be attributed to the developers’ cautious approach during the demand slowdown. New completions are declining since the third quarter of 2022,” said Vestian. While Mumbai saw the sharpest drop amongst the top seven cities, office space absorption also reduced in Kolkata and Bengaluru by 13% and 6%, respectively, on a QoQ basis. Hyderabad’s office space absorption went up the highest – at 36%, sequentially. Top seven markets see 4% on-year drop in office space absorption Overall, in the top seven markets, office space absorptions grew by a marginal 2% on a quarter-on-quarter basis. On a year-on-year basis, they went down by 4%. The report said that mass layoffs and the looming fear of recession in the US economy led to a slender slowdown in the demand for office spaces in India. “Early signs of economic uncertainty across the globe are visible in the Indian office market as well. However, the cost advantage of shifting operations to India from developed countries may play a pivotal role in the growth of office markets in India. Overall, 2023 is likely to be a challenging year for the top office markets of India,” Vestian said. Despite the overall slowdown, the IT-ITeS sector continued to lead office space absorption, accounting for a 23% share during Q1 2023. However, this figure represents a decrease from the previous quarter's 31% share. In spite of a reduction, office space absorption surpassed new completions during Q1 2023, leading to a correction in overall vacancy at 16.1% during the quarter. New completions in the top seven cities of India amounted to 8.6 million square feet during the first quarter of 2023, marking a decline for two consecutive quarters.

Mumbai’s office space absorption drops sharply in January-March

Average office rentals remained stable during April-June at ₹95 per square feet across six major cities as new supply rose 32%, while demand grew by a modest 2 %, according to <keyword id="3166898" type="General" weightage="20" keywordseo="colliers-india" source="Orion">Colliers India</keyword>. Real estate consultant Colliers India released its <keyword id="17907085" type="General" weightage="20" keywordseo="quarterly-data-of-six-major-office-markets" source="Orion">quarterly data of six major office markets</keyword> -- Bengaluru, Delhi-NCR, Mumbai, Chennai, Hyderabad and Pune -- on Wednesday. Gross leasing of office space rose 2 % to 14.6 million square feet across top six cities during April-June, from 14.3 million square feet in the year-ago period, driven by technology, engineering and manufacturing sectors. Chennai saw a three-fold jump in office demand, beating Delhi-NCR and Mumbai in leasing activities. New supply of office space rose 32 % to 12.4 million square feet across these six cities from 9.4 million square feet. Weighted average rental remained flat at ₹ 95 per square feet a month, across six cities. Peush Jain, managing director-office services, India, Colliers, said, "While the demand improved during the quarter, supply saw significant three-fold rise year-on-year, and was at par with demand. Hence rentals largely remained steady." As the demand improves further in coming quarters, Jain said there is a potential upside on rentals by the end of the year. As per the city-wise data, office space leasing in Bengaluru fell 22 % to 3.4 million square feet in April-June from 4.4 million square feet in the year-ago period. However, new supply more than doubled to 3.8 million square feet from 1.6 million square feet. Office rent in Bengaluru rose 1 % to ₹ 91.9 per square feet a month, from ₹ 90.6 in the year-ago period. In Chennai, the office leasing tripled to 3.3 million square feet from 1.1 million square feet. New supply jumped to 2.4 million square feet from 1 million square feet. Office rent in Chennai grew by 2 % to ₹ 75.1 per square feet from Rs 73.4 per square feet a month. Office leasing in Delhi-NCR was up 11 % to 3.1 million square feet from 2.8 million square feet. New supply rose 43 % to 2.1 million square feet from 1.4 million square feet. Monthly rent in Delhi-NCR appreciated by 2 % to ₹ 94.2 per square feet from ₹ 92.4 per square feet. In Hyderabad, the office demand fell 22 % to 1.5 million square feet from 1.9 million square feet, while new supply fell 19 % to 3 million square feet from 3.8 million square feet. Monthly Office rent remained stable at ₹ 73.7 per square feet from ₹ 73.6 per square feet. The gross office space leasing in Mumbai was down 41 % to 1.6 million square feet from 2.8 million square feet. New supply plunged 79 % to 0.2 million square feet from 1 million square feet. Office rent remained stable at ₹ 140.2 per square feet from ₹ 139.9 a square feet. In Pune, the leasing activities grew 28 % to 1.7 million square feet during April-June this year from 1.3 million square feet in the year-ago period. New supply increased 52 % to 0.9 million square feet in the second quarter of this calendar year from 0.6 million square feet in the corresponding period of the previous year. The average monthly office rent increased 1 % to ₹ 76.7 per square feet in April-June from ₹ 75.6 per square feet in the year-ago period. According to Colliers, the share of space leased by coworking operators increased to 17 % from 11 % during the period under review. Bengaluru-based managed office player Urban Vault co-founder Amal Mishra said, "corporates of all sizes have been taking office space in coworking centres and they are looking to increase the share of flex space in their overall real estate portfolio." Flexibility to scale up and scale down business, saving of capital expenditure and avoiding hassles to manage real estate are major considerations for corporates while choosing coworking space, Mishra noted. Gross absorption/leasing of office space does not include lease renewals, pre-commitments and deals where only a letter of intent has been signed, Colliers said.

Flat demand keeps office rent stable in Apr-Jun even as new supply rises  32% across top 6 cities: Colliers

<ul class="summary-list"><li>Kavya Dangda, 34, is an intellectual-property lawyer in Bengaluru, India.</li><li>She says she has the freedom to travel because she has no liabilities, such as a house or a partner.</li></ul>This as-told-to essay is based on a conversation with Kavya Dangda, a 34-year-old intellectual-property lawyer in Bengaluru, India. The following has been edited for length and clarity.I'm an intellectual-property lawyer, and I live in Bengaluru, India. <a href="https://www.businessinsider.com/tech-winter-silicon-valley-bengaluru-india-so-far-dodged-2022-11">Bengaluru is known as the Silicon Valley of India</a>, and I work for a tech company there.I was excited to move to Bengaluru from Noida, India, in 2019 to start my first job after getting my Master of Laws, also called an LLM. It took me a month to find an apartment because it's difficult for single women to get <a href="https://www.nytimes.com/2023/01/18/world/asia/india-single-women-apartments.html" target="_blank" rel="noopener">housing in India</a>. Luckily, I was able to room with a colleague in her apartment until I was able to have my own place.I was happy to find a place that met my requirements and was within my budget.<h2>My parents want me to buy a house, but I'm at peace living in my rented apartment</h2>My apartment community has a good landlord. It's in a gated community in a residential area near my work. I spend about 20% of my income on rent, utilities, domestic help, and groceries.My parents tell me to <a href="https://www.businessinsider.com/ray-dalio-investment-housing-market-stocks-bridgewater-real-estate-mortgage-2023-6">invest in a house</a> — which I could with my current salary — but I feel that buying a home would tie me down. I love to travel, and I need flexibility in my life.If I bought a house right now, I'd have to spend 30% to 40% of my income on my mortgage. That's a big jump from what I spend on housing. If I had a partner who was also contributing financially, I'd feel more comfortable buying a house — but right now, I find that scary and limiting for my lifestyle.<h2>In India, work experience is more important than degrees</h2>I got my Bachelor of Laws, known as an LLB, from a public university in Delhi, India, which was very affordable. My parents helped me pay for that degree, so I didn't have to take out a loan. For my LLM, I got a full-ride, merit-based scholarship to a university in Singapore.I wanted to get international experience, so I was excited to be able to <a href="https://www.businessinsider.com/singapore-millennial-housing-prices-income-debt-dreams-2023-6">go to Singapore</a>. But, I got a lot of backlash for pursuing my LLM.In India, <a href="https://economictimes.indiatimes.com/jobs/hr-policies-trends/more-than-8-in-10-indians-say-skills-are-more-important-than-degrees-shows-linkedin-report/articleshow/100001813.cms" target="_blank" rel="noopener">work experience is more important</a> than degrees. When I began working as a lawyer with my LLB, I made a meager salary that was below the poverty level. I eventually got a significant raise by moving to a bigger law firm, but it still wasn't much.<h2>When I quit my job to pursue my LLM, I was told I was committing career suicide</h2>I lost two years of work experience while getting my LLM, but I knew I wanted to specialize as <a href="https://www.businessinsider.com/why-intellectual-property-is-profitable-2011-4">an intellectual-property lawyer</a>, so I ignored everyone. After getting my master's, I felt highly qualified and excited to get the job I wanted. Unfortunately, my starting salary was based on the salary I had at my last job with an LLB.In my interviews, employers asked me why I took a break from work and interrupted my job growth. Getting my LLM wasn't a good enough reason for them. But I worked hard. I knew I was highly qualified and highly capable. My salary has increased, and it's much higher than I would've earned with just an LLB, so I have no regrets.<h2>I'm able to save 20% of my salary and spend money on travel</h2>Since I have no debt, I'm able to save and invest 20% of my salary. I work for private companies, so it's important for me to build up my retirement fund. I work with a financial advisor and an accountant to help me invest in mutual funds.About 30% of my income goes into paying taxes. I use the remaining 30% of my money for going out with friends and traveling. Recently, I called my friend and asked her to go to Cambodia with me for the weekend. I bought tickets for the following Friday and flew to Cambodia to <a href="https://affiliate.insider.com?h=28f0a2c9d3f71a2f2ef5f4afbd2190f4d2feefddc3bcafe8c5f972c67497e008&amp;postID=648b22684228266b3d723b92&amp;site=bi&amp;u=https%3A%2F%2Fwww.nationalgeographic.com%2Ftravel%2Fworld-heritage%2Farticle%2Fangkor" target="_blank" rel="noopener">see Angkor Wat</a>.I have the freedom to travel because I have no liabilities such as a house, children, partner, or parents to support. I always stay in a four- or five-star hotel or resort, especially when traveling alone.<h2>I need a partner who will embrace my lifestyle and not chop off my wings</h2>It's not that I don't want to get married and have kids one day, but it's a want, not a need. I don't want to give up my freedom and my lifestyle to get married. I also don't want to have to quit my job to be a stay-at-home mom.There's a lot of pressure for someone my age to get married, but luckily, I have supportive parents who pushed me to be independent and live on my own terms.I work 10-hour days, but I love the work that I do. This is exactly the job I wanted when I went to law school, and I love being able to learn and grow in it. I also love that it affords me the lifestyle to travel and spread my wings.This story is part of a series called "<a href="https://www.businessinsider.com/category/millennial-world" target="_blank" rel="noopener noreferrer">Millennial World</a>," which seeks to examine the state of the generation around the globe.Correction: July 10, 2023 — An earlier version of this story misidentified the city where Kavya Dangda lives and works. It is Bengaluru, India.

I'm a millennial living in Bengaluru, the Silicon Valley of India. I have my dream job in tech and get to spend 30% of my salary on travel, but there's a lot of pressure to be married.

New Delhi, Feb 13 () American Express has tied up with Bengaluru-based Hype, a luxury mobility solutions provider, to enable its Platinum and Centurion cardmembers to hire luxury cars at a discounted price in Delhi-NCR and Goa, besides several big cities. American Express Centurion and Platinum Charge cardmembers can enjoy complete exclusive luxury mobility solutions from Hype across Delhi-NCR, Bengaluru, Chennai, Goa, Hyderabad and Mumbai, the global payment company said in a statement.At a special monthly credit, the cardholders can avail benefits across self-drive or chauffeur-driven categories, along with complimentary Platinum Tier membership of Hype. "The special exclusive long-term offer of Hype mobility solutions is yet another step in that direction which will certainly make luxury car rental more convenient and less expensive," said Manoj Adlakha, Senior VP and CEO, American Express Banking Corp India, said.Raghav Belavadi, Founder and CEO, Hype Luxury Mobility said the partnership fits exactly on the company's roadmap to grow globally and attract the right customer base with tailor-made luxury mobility solutions that Amex premium members can enjoy. American Express is a globally integrated payments company.With an aim to tap into the trillion-dollar global luxury market, Hype was started in 2017. NKD RUJ

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Office rents across all major Indian cities surpass pre-pandemic levels in 2024, notes a new report

Ira Alok Puranik

Mumbai’s office space absorption drops sharply in January-March

Katya Naidu

Flat demand keeps office rent stable in Apr-Jun even as new supply rises 32% across top 6 cities: Colliers

PTI

I'm a millennial living in Bengaluru, the Silicon Valley of India. I have my dream job in tech and get to spend 30% of my salary on travel, but there's a lot of pressure to be married.

Ananya Vahal

American Express partners Hype to provide luxury cars on rent

PTI

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