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Office rent rises by up to 8% in a year in Bengaluru, Mumbai, other cities
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NEW DELHI : Office space demand fell 3 per cent during the first quarter of this calendar year but rents increased by up to 8 per cent across five major cities -- Bengaluru, Hyderabad, Chennai, Mumbai and Kolkata, according to US-based property consultant Vestian.
The consultant expects decline in demand for office space in the short-to-medium term. The growth in rental values would also slow due to the coronavirus pandemic.
According to the data, the weighted average rental values of the five cities moved moderately, on a year-on-year basis, in the range of 0-8 per cent.
The monthly average rent rose by 8 per cent in both Bengaluru and Hyderabad at ₹75.5 and ₹62 per sq ft, respectively. Chennai saw a 5 per cent rise in rental value at ₹60
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