The common workplace lease in India’s prime seven cities is within the vary of $0.4 to $2 – equal to ₹33 to ₹166 – a sq. foot monthly, which is the bottom amongst world’s main markets, as per a report launched by actual property consultancy group Vestian.

In distinction, the month-to-month common lease in New York, London, Miami, Seattle and Boston is $40-80 per sq ft, and in Hong Kong, Singapore and Shanghai, it’s within the vary of $3-8 per sq ft a month, in line with the info compiled by Vestian.

Among the seven Indian cities – New Delhi, Mumbai, Kolkata, Chennai, Pune, Hyderabad and Bengaluru – the best average office rentals had been noticed in Mumbai, the nation’s monetary hub, the place it ranges from $1-2. The lowest charges prevail in Kolkata, within the vary of $0.4-0.7, the report famous.

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In the tech hubs of Bengaluru and Pune, the typical charge is $0.8-1.2 and $0.6-0/9, respectively. In the capital Delhi-NCR, the speed noticed was $0.5-$1.5, whereas, it stood at $0.6-0.9 within the southern cities of Chennai and Hyderabad, the report said.

The availability of high-quality expertise pool at an reasonably priced charge can be an necessary issue for MNCs to arrange workplaces in India, it added.

“Indian workplace market has grown leaps and bounds up to now decade on account of strong demand from massive multinational corporations. These corporations arrange their operations in India to reap the fee advantages,” Vestian chief government officer Shrinivas Rao mentioned.

“The demand for workplace areas in India is anticipated to be buoyant amid present macroeconomic uncertainty throughout the globe as corporations are majorly specializing in optimizing operational prices for his or her companies,” he added.

The Vestian report comes a few days after the India arm of actual property consultancy Colliers mentioned that the nation’s southern cities account for 57 percent of the workplace demand in 2023 up to now. The pan-India leasing of workplace areas, nonetheless, has fell by 4.5 %, it said.