Office fit-out costs across India’s key cities up 4.5% on year in 2023-24: JLL
India continues to rise, mirroring ongoing inflationary pressures, higher commodity prices and increased construction costs.
The average cost to fit-out workplaces with medium specification across India increased 4.5% from a year ago with the average fit-out cost per sq ft rising to Rs 5,788. Mumbai continues to be the most expensive city in India for office fit outs at an average of Rs 6,588 per sq ft followed by New Delhi at Rs 6,068 per sq ft, showed global property consultant JLL’s Asia Pacific Fit-Out Cost Guide 2023-2024.
“India’s supply-chain performance has improved significantly over the last two year, coping better to the global disruption, and varying regulatory frameworks. Largely, input costs have decreased due to reduced global raw material prices, however increasing labour costs remains set on an upward trajectory. This industry is also making efforts to modernise and streamline the supply chain to enhance efficiency and competitiveness,” said James Jipu Jose, Managing Director, Project & Development Services (PDS), India, JLL.
According to him, average fit-out cost across all seven key cities much below the regional average makes India a strong market for global companies and investors.
Leasing office space in sustainable buildings is becoming non-negotiable for occupiers committed to ESG. Among other factors, sustainable fit outs are gaining prominence as an initiative to decarbonise workplaces. In a survey of 240 CRE leaders across Asia Pacific, one-in-two cite sustainable fit-outs as a
