Mumbai only city among top 7 to see correction in office rental since 2012

In Mumbai, the range of rentals in office space is also higher than other cities

At a time when real estate investment trusts (REITs) are witnessing a pick-up in investor interest, a historically higher base coupled with rise in low-value transactions have made Mumbai stand out as the only market among the top seven cities to have seen its office space rentals correct since 2012.

According to data by real estate consulting firm Knight Frank, against Rs 127 per square feet per month (pspm) in 2012, Mumbai’s office space rentals corrected to as low as Rs 104 pspm in 2015 and climbed to Rs 117 pspm in 2018. 

On the other hand, cities like Pune and Bengaluru