Highest Office Rent: The top 10 cities of India are such where office rents are continuously increasing. Pune is on top in this list. According to this, office rents have increased the most in Pune in the last 12 years with a compound annual growth rate of 6.9 percent. This information has come to light in the Commercial Property Rental Index (CPRI) launched by the Indian Institute of Management-Bangalore (IIM-Bangalore) in collaboration with CRE Matrix.
Data came based on top 10 Indian cities
The first edition of the index is based on data from top 10 Indian cities. It is based on Grade A/A+ office assets in Bengaluru, Hyderabad, Mumbai, Gurugram, Pune, Chennai, Noida, Navi Mumbai, Delhi and Thane, covering 90% of India’s Grade A/A+ office stock. . Indices of 36 macro-markets of each of these cities have also been recorded. According to the report, in the last 12 years, IIMB-CRE Matrix CPRE was recorded for 10 cities in 50 quarters.
In 74 percent of the cases, the index showed a quarterly increase. After the pandemic, from the second quarter of 2022, 92 per cent of the index cases saw a quarter-on-quarter increase. The IIMB-CRE matrix CPRI for all 10 cities saw an increase in four out of eight quarters, a first in the history of the Indian office market, the report said.
Positive increase in rent in Bengaluru
Whereas 4 out of 10 cities saw an increase of more than 5 per cent in the 12-year CAGR of IIMB-CRE matrix CPRI. It has been told that in IIMB-CRE Matrix CPRI, positive increase in rents was seen in Bengaluru in 44 out of 50 cases, which is the highest among all cities.
The first index known as IIMB-Cray Matrix Commercial Property Rental Index (CPRI) was launched at IIM Bangalore in the presence of Prof. Hrishikesh T Krishnan, Director, IIMB. This index, updated every quarter, provides information on both micro and macro-markets. It also has plans to expand into other categories including green leasing, grade B and C property and warehousing.
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