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Office rent rises by 9% in Hyderabad, drops in Delhi-NCR in July-Sep: JLL

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

Office rent | office rentals | prime office rents

Press Trust of India  |  New Delhi 

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The in Hyderabad rose maximum by 9 per cent during July-September period on strong demand but rents dropped in the capital region (Delhi-NCR) marginally, according to property consultant

Rentals for office spaces in Hyderabad, Bengaluru and Pune, which are IT/ITeS dominated cities have witnessed rental growth because of strong demand and low vacancy.

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.

"The continued expansion by IT/ITeS occupiers combined with increasing interest from large co-working occupiers like WeWork led to a substantial increase in the rental values. Hitec City drove the rental values with select projects commanding higher rentals when compared to the average market rates. As a result, average rents increased by 9 per cent on a year-on-year basis," JLL said on Hyderabad market.

In Bengaluru, increased 6 per cent to Rs 72.93 per sq ft per month in the third quarter of 2019 calender year from Rs 68.83 a year-ago.

Kolkata saw 3 per cent rise to Rs 52.14 from Rs 50.83, while Chennai witnessed 4 per cent rise to Rs 59 per sq ft from Rs 57.

Monthly office rentals were marginally up 1 per cent to Rs 123.87 from Rs 122.76.

Among seven cities, only Delhi-NCR reported one per cent drop in rental to Rs 77.25 per sq ft per month from Rs 77.86 in the year-ago period.

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First Published: Thu, October 24 2019. 17:20 IST