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IIMB and CRE Matrix make history with launch of India's first commercial rental index on 29 November

Index makes its foray; covers 90% of India’s grade A/A+ office stock across 10 major cities in first edition 

29 November 2024, Bengaluru: Today marked a landmark occasion as the Real Estate Research Initiative at IIM Bangalore, in partnership with CRE Matrix, introduced India’s first scientific model-based commercial rental index for the Indian office market. The inaugural index, known as the IIMB-Cre Matrix Commercial Property Rental Index (CPRI), was unveiled on 29 November 2024, at IIM Bangalore, in the presence of IIMB Director Prof. Rishikesha T Krishnan, Prof. Soudeep Deb, Decision Sciences area, Prof. Venkatesh Panchapagesan, Finance & Accounting area, Ananth Narayan, Whole Time Member, SEBI, and leaders from Cre-Matrix including—Abhishek Kiran Gupta, CEO & Co-founder; Abhishek Tiwari, Co-founder & Commercial Head; and Pranav Bhalla, Research & Consulting Head. Also present were academic leaders, industry players, real estate developers, and policymakers from SEBI, Google, Brigade Group, Prestige, K. Raheja, CBRE, Table Space and HDFC Capital.   

The official entry of the index in India’s office segment comes at a time when the country’s goal of becoming a $25 trillion economy is ripe for disruption, and the real estate sector has a major role to play in this transformation. The index, which goes beyond conventional price-based indices, stands to transform market dynamic analysis with its balanced, stable and reliable view of commercial office rentals. The first edition focuses on Grade A/A+ office assets of top 10 Indian cities—Bengaluru, Hyderabad, Mumbai, Gurugram, Pune, Chennai, Noida, Navi Mumbai, Delhi and Thane, which covers 90% of India’s Grade A/A+ office stock. Indices for 36 macro-markets from each of these cities have also been recorded.  

"To build trust, we need smart analysis and more of such actionable insights” said Chief guest of the launch, Ananth Narayan, Whole Time Member, SEBI. He provided a regulator’s perspective on ‘Challenges and Opportunities for the Indian Office Market’, and credited India's unique data architecture and consultative regulation process as a bedrock for market innovation. “The launch of the index marks a significant step in building awareness and trust in the REITs and INVITs ecosystem. India’s commercial real estate market remains underpenetrated compared to global benchmarks, and I view this as an opportunity for unprecedented growth. By aligning policy frameworks, streamlining valuation processes, and embedding accountability in its core methodology, the index will accelerate the growth of real estate and infrastructure monetization.  

The newly launched industry-first index combines data from both new and ongoing leases to provide a precise and comprehensive perspective on India’s office rental market. By integrating predictive analytics, it captures market trends, location dynamics, and temporal factors, moving beyond traditional approaches. It also mitigates biases linked to specific features, such as infrastructure, that typically influence rental values. 

Prof. Rishikesha T Krishnan addressed the audience, “Over the years, the Real Estate Research Initiative (IIMB-RERI) has grown significantly, mirroring broader global trends in India’s real estate sector. We believe we are at a pivotal moment, positioning ourselves to drive long-term impact in a sector that holds immense growth opportunities in India. In the coming years, we anticipate even greater contributions from our initiative, with more faculty and PhD students from our institute actively participating.  

Developed under the guidance of Prof. Venkatesh Panchapagesan, Finance & Accounting area, and Prof. Soudeep Deb, Decision Sciences area, by IIMB doctoral student Kapil Gupta, the index covers Grade A and A+ rentals across 10 cities from Q1 2012 to Q3 2024. Updated quarterly, it offers granular insights into both micro- and macro-markets, with plans to expand into other categories, including green leasing, Grade B and C properties, and warehousing. The index offers transformative benefits for major stakeholders, including developers, operators, REITs, as well as to tenants, while also enabling the creation of financial instruments like derivatives and structured products to broaden the market. 

Providing a partner perspective, Abhishek Kiran Gupta, CRE Matrix, said, “The launch of the Commercial Rental Index marks a transformative step for the Indian real estate sector. Combining the data from over 150,000 transactions and leveraging past, present and predictive analytics, the robust index offers transparency and authentic insights into office rental trends, with the end goal of empowering market stakeholders to make informed, data-driven decisions. 

Industry leaders from Juggy Marwaha, CEO, Prestige Office Ventures; Nirupa Shankar, Jt. Managing Director, Brigade Group; and Vinod Rohira, Managing Director and CEO, K. Raheja, offered up Owner-operator perspectives. Their segue into the evolution of office spaces post-COVID emphasized hybrid work models and the importance of collaborative spaces. Representing mission-driven organizations, the panel also discussed the role of technology in improving efficiency and sustainability, along with the importance of data credibility, and the need for collaboration among industry stakeholders. 

What followed is a panel with Ram Chandnani, Managing Director, Advisory & Transaction Services, India, CBRE; Ganesh Parameswaran, India Lead Real Estate Services, Google; and Anurag Tyagi, Co-founder and CEO, Table Space Constructions, who brought to light advancements and areas for improvement in the commercial real estate sector, particularly from the occupier’s perspective.  

The concluding event featured Vipul Roongta, Managing Director & CEO, HDFC Capital, who delivered the ‘Learnings for the residential sector’ session. 

Key highlights of Commercial Property Rental Index: 

  • In the last 12 years, IIMB-CRE Matrix CPRI was recorded for 10 cities across 50 quarters. In 74% instances, the index witnessed an increase on a Q-o-Q basis. Post-pandemic, since Q2 2022, 92% Index instances witnessed an increase on a Q-o-Q basis. 

  • With the 12-Year CAGR at 6.9%. Pune has emerged as the best performing city across India. 

  • 4 out of 8 Quarters saw an increase in IIMB-CRE Matrix CPRI for all 10 cities, a trend seen never before in the history of the Indian office market 

  • 4/10 cities saw an increase of more than 5% in the 12-Year CAGR of IIMB-CRE Matrix CPRI 

  • Bengaluru saw a positive rent growth in 44 out of 50 instances of Growth in IIMB-CRE Matrix CPRI, the highest across all cities.