{"id":2542,"date":"2024-11-30T15:02:00","date_gmt":"2024-11-30T09:32:00","guid":{"rendered":"https:\/\/www.crematrix.com\/blog\/?p=2542"},"modified":"2026-04-13T15:03:53","modified_gmt":"2026-04-13T09:33:53","slug":"indias-commercial-office-rentals-show-strong-growth-cpri-nov-2024-insights","status":"publish","type":"post","link":"https:\/\/www.crematrix.com\/blog\/indias-commercial-office-rentals-show-strong-growth-cpri-nov-2024-insights\/","title":{"rendered":"India\u2019s Commercial Office Rentals Show Strong Growth: CPRI Nov 2024 Insights"},"content":{"rendered":"\n<p>India\u2019s commercial office market is witnessing a significant shift toward transparency and data-backed decision-making with the launch of the <a href=\"https:\/\/www.crematrix.com\/research\/report-details\/240\/iimb-cre-matrix-commercial-property-rental-index-for-offices-november-2024\">IIMB\u2013CRE Matrix Commercial Property Rental Index (CPRI) \u2013 November 2024 Report<\/a>. Developed by the Indian Institute of Management Bangalore in collaboration with CRE Matrix, this index is the first of its kind to track office rental movements using a large dataset of real lease transactions. Covering major cities such as Mumbai, Bengaluru, Hyderabad, and Pune, it accounts for nearly 90% of India\u2019s Grade A\/A+ office stock, making it a reliable benchmark for stakeholders.<\/p>\n\n\n\n<h2><strong>Consistent Rental Growth Signals Strong Demand<\/strong><\/h2>\n\n\n\n<p>The report highlights a steady upward trajectory in office rentals across India, driven by resilient occupier demand and improving fundamentals. Over the past five years, rentals across top cities have grown at a 3.6% CAGR, reflecting sustained momentum even amid global uncertainties.<\/p>\n\n\n\n<p>Key growth highlights include:<\/p>\n\n\n\n<ul><li>Rental increase observed in 74% of quarters over the last 12 years<\/li><li>Post-2022 recovery remains strong, with 92% of quarters showing growth<\/li><li>Q4 2022 recorded the highest quarterly increase of 3%<\/li><\/ul>\n\n\n\n<p>This consistent performance indicates that India\u2019s office market is not just recovering\u2014but evolving into a more stable and mature asset class.<\/p>\n\n\n\n<h2><strong>Pune Leads, Bengaluru Shows Consistency<\/strong><\/h2>\n\n\n\n<p>City-level performance reveals interesting trends across India\u2019s top office markets. Pune has emerged as the top-performing city, recording the highest 12-year CAGR of 6.9% and achieving the highest index value in Q3 2024. The city\u2019s strong IT presence and infrastructure growth continue to drive leasing demand.<\/p>\n\n\n\n<p>Meanwhile, Bengaluru stands out as the most consistent performer, with rental growth recorded in 44 out of 50 quarters. Cities like Hyderabad and Chennai also demonstrate strong long-term growth, supported by expanding business hubs and technology corridors. Mumbai, while relatively stable, continues to benefit from high-demand micro-markets such as BKC and the Western Suburbs.<\/p>\n\n\n\n<h2><strong>Micro-Markets Drive the Next Phase of Growth<\/strong><\/h2>\n\n\n\n<p>A deeper look into macro-markets reveals that rental growth is increasingly being driven by specific high-performing business districts rather than entire cities. Locations such as CBD Pune, Gachibowli in Hyderabad, and Whitefield in Bengaluru have emerged as key growth engines.<\/p>\n\n\n\n<p>Notable micro-market trends:<\/p>\n\n\n\n<ul><li>CBD Pune recorded the highest index value (249)<\/li><li>Gachibowli (Hyderabad) leads with a 5-year CAGR of 6.2%<\/li><li>Emerging suburban hubs are gaining traction over traditional CBDs<\/li><\/ul>\n\n\n\n<p>This shift highlights how occupiers are prioritizing infrastructure, connectivity, and cost efficiency while making leasing decisions.<\/p>\n\n\n\n<h2><strong>Post-Pandemic Momentum Remains Strong<\/strong><\/h2>\n\n\n\n<p>The Indian office market has demonstrated remarkable resilience in the post-pandemic era. Leasing activity has rebounded strongly, with multiple quarters showing synchronized growth across all major cities. Businesses continue to invest in high-quality office spaces, reinforcing the importance of physical workplaces even in a hybrid work environment.<\/p>\n\n\n\n<ul><li>4 out of 8 recent<strong> <\/strong>quarters saw growth across all 10 cities<\/li><li>Demand for Grade A\/A+ offices remains robust<\/li><li>Offices are increasingly seen as strategic assets, not just operational spaces<\/li><\/ul>\n\n\n\n<p>This trend suggests that the role of offices is evolving\u2014from being a cost center to becoming a driver of collaboration, culture, and brand identity.<\/p>\n\n\n\n<h2><strong>Why the CPRI is a Game-Change<\/strong>r<\/h2>\n\n\n\n<p>The introduction of the IIMB\u2013CRE Matrix CPRI addresses a long-standing gap in India\u2019s real estate sector, the absence of a transparent and standardized benchmark. By leveraging high-quality data and advanced modelling, the index enables more informed decision-making for investors, developers, policymakers, and occupiers.<\/p>\n\n\n\n<p>As India progresses toward becoming a $25 trillion economy, the commercial real estate sector is expected to play a critical role, contributing up to 8\u20139% of GDP. Reliable indices like the CPRI will be instrumental in guiding this growth journey.<\/p>\n\n\n\n<h2><strong>Conclusion<\/strong><\/h2>\n\n\n\n<p>The IIMB\u2013CRE Matrix CPRI marks a significant milestone in India\u2019s commercial real estate landscape. With steady rental growth, strong city-level performance, and increasing reliance on data-driven insights, the office market is poised for long-term expansion.<\/p>\n\n\n\n<p>Elevate your decisions in real estate as a developer or broker with CRE Matrix\u2018s data-driven insights.&nbsp;<a href=\"https:\/\/www.crematrix.com\/#schedule_demo\" target=\"_blank\" rel=\"noreferrer noopener\">Book a demo now<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s commercial office market is witnessing a significant shift toward transparency and data-backed decision-making with the launch of the IIMB\u2013CRE Matrix Commercial Property Rental Index (CPRI) \u2013 November 2024 Report.&hellip;<\/p>\n","protected":false},"author":1,"featured_media":2545,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[185],"tags":[5,6,13,4,77],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>India Office Rental Trends 2024: IIMB\u2013CRE Matrix CPRI Reveals Strong Growth Across Top Cities<\/title>\n<meta name=\"description\" content=\"Explore key insights from the IIMB\u2013CRE Matrix CPRI Nov 2024 report. 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