Average office rent in India's top 7 cities at ₹33- ₹166/sq ft, among lowest globally: Vestian
₹33 to ₹166 – a square foot per month, which is the lowest among world's leading markets, as per a report released by real estate consultancy group Vestian. In contrast, the monthly average rent in New York, London, Miami, Seattle and Boston is $40-80 per sq ft, and in Hong Kong, Singapore and Shanghai, it is in the range of $3-8 per sq ft a month, according to the data compiled by Vestian. Among the seven Indian cities – New Delhi, Mumbai, Kolkata, Chennai, Pune, Hyderabad and Bengaluru – the highest average office rentals were observed in Mumbai, the country's financial hub, where it ranges from $1-2.
The lowest rates prevail in Kolkata, in the range of $0.4-0.7, the report noted. Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here! In the tech hubs of Bengaluru and Pune, the average rate is $0.8-1.2 and $0.6-0/9, respectively.
In the capital Delhi-NCR, the rate observed was $0.5-$1.5, whereas, it stood at $0.6-0.9 in the southern cities of Chennai and Hyderabad, the report stated. The availability of high-quality talent pool at an affordable rate is also an important factor for MNCs to set up offices in India, it added. “Indian office market has grown leaps and bounds in the past decade due to robust demand from large multinational companies.
These companies set up their operations in India to reap the cost benefits," Vestian chief executive officer Shrinivas Rao said. “The demand for office spaces in India is expected to be buoyant amid current macroeconomic uncertainty across the globe as companies are majorly focusing on optimizing operational costs for their businesses," he added. The Vestian report comes a couple of
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