Highest Rental Growth In Navi Mumbai Office Market:Reports of JLL

Untitled (1)By Accommodation Times Bureau

JLL – a financial and professional services firm, specializing in commercial real estate services, has recently revealed its research in the reign of Office property market . The report says the office property market continued to show rise in lease rentals, across the prominent cities, with Navi Mumbai recording the highest annual rental growth of 9.1% till March end.

Apart from Navi Mumbai, Bengaluru and Pune office markets have also witnessed 8.1% and 7.1% rental growth, respectively, during this period, showed the JLL India study.

The growth in Bengaluru and Pune’s office rentals is being ascribed to lower vacancy of 3.2% and 5.6%, respectively. The rise in rentals is indicative of a blunt demand for office space and commercial activity in these markets.

Realty developers in Bengaluru and Pune, in recent years, have not speculatively over built commercial complexes in these cities and this strategy is helping them to receive better rentals for existing prime assets. “The office market is expected to witness good demand over the next couple of years since India’s GDP growth, job creation, inflation and fiscal deficit are all in favorable condition. The only uncertainty is demand from software firms on account of automation and US visa policies. However, it will only have a limited impact because Indian software majors also have their own campuses,“ said Ashutosh Limaye, national director research, JLL India.

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