By laksh5382 
The average office fare in New York fell 1.3 percent to $ 7.5 per sq ft in 2024. , Photo Credit: People
The fare for office locations in seven major cities of India rose 4-8 percent annually in 2024, while eight large foreign markets saw a mixed trend in rental development, according to Westian.
According to data from Real Estate Consultant Westian, the average office fare in New York fell 1.3 percent to $ 7.5 per sq ft in 2024.
Shanghai saw a decline of 6.8 percent per month, while Hong Kong saw a decline of 6 percent per month.
The office fare in Seattle took a 1.9 percent dip in 2024 and increased to $ 4.7 per month per month.
However, the average office fare in London increased by 8.6 percent to 8.6 per sq ft per month.
Miami saw an increase of 7.3 percent in the office fares in 2024, $ 5.1 per sq ft per month, while Boston had a 1.2 percent increase of 1.2 percent per month.
The average office fare in Singapore increased by 0.5 percent to $ 7 per month in 2024 per month.
Westian CEO Shrinivas Rao said that in some global markets, the office is influenced by the decline in space fares, the emergence of technologies such as generic AI and the change in office space use strategies.
In seven Indian cities, Mumbai saw an increase of 6.7 percent in the fare of the monthly average office, which was per sq ft $ 1.6.
Delhi saw an 8.2 percent increase in monthly fares by $ 0.9 per sq ft, while Bengaluru saw an increase of 4.7 per cent up to $ 1.1 per sq ft.
The average monthly office fare in Pune was $ 1 per sq ft in 2024, which was 4.5 percent annually.
In Chennai, the fare of the monthly office was 0.8 per sq ft in 2024, an increase of 7.7 percent annually.
Hyderabad appreciated 4.4 percent in the average monthly office rent during 2024, which was 2024 per sq ft $ 0.8 to $ 0.8.
The average monthly office fare in Kolkata rose by 3.8 percent annually to $ 0.6 per sq ft during 2024, shown by Westian data.
Rao said that the arrival of new businesses and the company’s expansion has made important demand for office places in India.
He said, “Global firms are looking for an office place in India due to strong economic growth compared to other major economies of the world, rich demographic dividends, a large consumer base, rapid urbanization, and easy availability of efficient workforce at competitive rates, especially in technology and finance.”
Rao said that this demand is increasing the need for high quality office locations.
The advisor said that prime commercial hubs such as BKC in Mumbai and Central Business District (Connaught Place and adjoining areas) reach average fare $ 3-4 per square feet per month.
Published on 12 April 2025