Business Confidence Rises with Strong Demand, Lower Rates: Colliers Q4 2024

19 Feb 2025 CW Team

Colliers’ Q4 2024 APAC Cap Rates report found consumer spending surged during the Q4 festive season, benefiting the retail sector in various markets including Auckland, China, Hong Kong, Bangkok and Bengaluru.

In Bengaluru, the commercial supply was well behind uptake resulting in lower vacancy while Mumbai’s office supply has increased sixfold year-on-year but was still below the uptake in 2024 resulting in a strong market.

In Bengaluru, along the main business corridors rental and capital rates for Grade A commercial office witnessed significant upward movement. Outer Ring Road (ORR), North Bengaluru and Whitfield saw higher volume of Grade A floorplate transactions due to availability and specifications resulting in range bound cap rates between 8.0% - 8.5%.

The commercial uptake in Mumbai has witnessed a strong YoY improvement in 2024, with demand growth in the last quarter being the highest during the year. However, the increased supply kept the rental increases in check except for certain micro-markets as more options became available.

“Further, Bengaluru has witnessed improved transaction volumes in organized retail, with rising capital values in high street areas attributed to increased consumer activity during the festival season, leading to higher revenue shares. In Mumbai, industrial transaction volume has been slightly lower on a Y-o-Y basis. However, the supply has increased in the market by 15 per cent in Mumbai. Based on this, cap rates have been stable in Q4 2024. CPI inflation jumped significantly to 5.22 per cent in December 2024, with the preceding 3-month average at 5.63 per cent. This increase in inflation is attributed to the significant growth in urban inflation from Q3 2024.” says Ajay Sharma, Managing Director, Valuation Services, Colliers India.

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