Office Rent

Gross leasing for the year is estimated to be about 70 msf

The deal comes at a time when India's office market is witnessing significant demand

India's flexible office space market size is estimated to rise 60 per cent to over Rs 14,000 crore this fiscal due to an increase in rent charged by operators per desk and portfolio expansion, according to Upflex India report. Upflex India, a marketplace for flexible workspaces, has released its first report 'Co-Working and Managed Offices Redefining the Indian Commercial Real Estate'. Real estate consultant Anarock brought US-based Upflex to India in 2021. As per the report, the annual co-working market size in terms of rental income is estimated to rise to Rs 14,227 crore this fiscal from Rs 8,903 crore in the previous year. The total portfolio of flexible workspace operators has increased to 12.66 lakh from 10.4 lakh in 2022-23. In terms of area, the portfolio has risen to 57 lakh square feet from 47 lakh square feet. Upflex data showed that the average price per seat per month has increased to Rs 10,400 from Rs 9,200 per desk. The occupancy level has increased to 90 per cent fr

The report stated that amid increased office space completions, vacancy levels across most top cities rose marginally except in NCR, MMR, and Kolkata

Average monthly rentals for prime office space in India's top seven cities are very low at USD 0.4-2 per square feet, which is one of the major factors driving demand for workspace from global firms, according to Vestian. Real estate consultant Vestian on Sunday released rentals data for major cities globally, which showed that average rent in New York, London, Miami, Seattle and Boston is USD 40-80 per sq ft per month. Rentals in Hong Kong, Singapore and Shanghai are USD 3-8 per sq ft a month. Vestian said the demand for office spaces in the medium to long term would remain strong in India's seven big cities because of cost-effectiveness. Shrinivas Rao, CEO, Vestian, said: "Indian office market has grown leaps and bounds in the past decade due to robust demand from large multinational companies. These companies set up their operations in India to reap the cost benefits." The demand for office spaces in India is expected to be buoyant amid current macroeconomic uncertainty across

The average monthly rent of warehousing and logistics space in and around the national capital region rose 4 per cent annually to Rs 22.5 per square feet in the first six months of this year on higher demand, according to real estate consultant Vestian. The leasing of warehousing and logistics space in Delhi-NCR increased 68 per cent to 4.7 million square feet in the January-June period this year as against 2.8 million square feet in the year-ago period. "The Indian warehousing and logistics sector is sailing through global headwinds on the back of strong and sustainable fundamentals. Several mega infrastructure projects are planned across the country to improve connectivity and reduce transit time," Vestian Chief Executive Officer Shrinivas Rao said. Across seven major cities, Vestian in a report on Wednesday said micro-markets of Delhi-NCR quoted the highest weighted average rentals of Rs 22.5 per sq ft a month compared to Rs 21.6 in the year-ago period. Bengaluru closely followe

Business hub that hosts famed companies will gain from metro connectivity, it says

Office rentals in Bengaluru is expected to grow by 5-7 per cent -- highest in the Asia-Pacific region -- during the next year, according to Knight Frank India. In its latest report on 'AsiaPacific Outlook 2023', property consultant Knight Frank said that rent growth in the APAC region is expected to moderate in 2023 as corporate occupiers are looking to optimise overheads and generate savings. "The steady performance of the Indian office markets seen in 2022 is expected to sustain in 2023," it said. Bengaluru's prime office rental is expected to grow in the range of 5-7 per cent YoY (year-on-year) in 2023, highest amongst the 24 APAC cities tracked in the report. Mumbai and New Delhi are the other Indian cities tracked in the report. New Delhi's prime office rental is expected to grow in the range of 4-6 per cent YoY followed by Mumbai in the 3-5 per cent YoY in 2023. The consultant attributed the expected growth in office rentals to a comparatively strong economic outlook, ...

Realty major DLF's rental arm DCCDL has reported a 14 per cent increase in office rental income to Rs 801 crore and 54 per cent rise in revenue from retail properties to Rs 184 crore during the quarter ended September 30. DLF Cyber City Developers Ltd (DCCDL) is a joint venture between DLF Ltd and Singapore's sovereign wealth fund GIC. DLF has nearly 67 per cent stake in the JV firm, while GIC has the remaining. In an investors presentation for the July-September quarter, DLF has also informed about the operational and financial performance of its JV firm DCCDL, which holds the bulk of its rent-yielding office and retail real estate portfolio. Some commercial properties are still being held by the parent company DLF. DCCDL's office rental income grew 14 per cent to Rs 801 crore during the second quarter of this fiscal, from Rs 701 crore in the year-ago period. Its retail revenue rose 54 per cent to Rs 184 crore from Rs 120 crore. Total rental income rose 20 per cent to Rs 986 crore

The rush for office space in the emirate is on show in skyscrapers like ICD Brookfield Place, which towers 800 feet over the financial district

In a Q&A, the chairman of Hiranandani Communities explains that the pandemic has prompted the millennial to move from being a renter of residential property to an owner

Office rentals in Hyderabad rose to Rs 56.20 per sq ft from Rs 51.50, while in Pune rents increased to Rs 68.17 from Rs 64.81. The city has seen 4 million sq ft leasing of Grade A space

Monthly rental payable to ministry would be in the range of Rs 24 to Rs 36 per sq ft/ per month

Rents have increased on average by 2.3 per cent globally