Jaipur emerges as a leading Tier-II commercial real estate hub, says JLL
Proximity to NCR, infrastructure and a deep talent pool are drawing corporate occupiers beyond Metros
Jaipur is emerging as one of India’s leading Tier-II commercial real estate markets, with office, retail and warehousing segments poised for further expansion, according to property consultancy JLL.
The city has an operational office stock of 9.7 million square feet, with rentals ranging from Rs 45 to Rs 95 per square foot per month. An additional 3.32 million square feet of office space is expected to enter the market by 2028, reflecting sustained demand and developer confidence, JLL said.
Office space demand grows across key corridors
The city’s strategic location near the National Capital Region (NCR), improving infrastructure, access to skilled talent and competitive operating costs are strengthening its appeal among corporate occupiers looking beyond traditional metropolitan markets.
Mukesh Choudhary, managing director of real estate company Accuspace, said Jaipur had significant potential to attract large corporate occupiers and support sizeable Grade A developments.
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“Favourable policy support, talent pool, and infrastructure growth are reshaping the city’s commercial real estate landscape,” Choudhary said, adding that companies were increasingly choosing Jaipur for its talent pool, connectivity and modern lifestyle, rather than relying solely on cost advantages.
He said southern Jaipur, particularly Tonk Road, Sitapura and the Ajmer Road corridor, was witnessing aggressive expansion, with new Grade A office complexes, co-working hubs and specialised IT and IT-enabled services (ITeS) offices catering to the growing professional workforce.
Flexible workspaces and business districts
JLL said Jaipur’s office market serves occupiers across technology, IT-enabled services, banking, financial services and insurance, consulting and logistics. The city currently has approximately 11,000 flexible workspace seats, with another 3,150 projected over the next few quarters.
Manish Aggarwal, senior managing director, North and East India, JLL, said Jaipur exemplified the transformation taking place across North India’s Tier-II markets. He highlighted demand from technology companies, financial institutions and logistics operators, supported by infrastructure improvements and an expanding talent base.
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JLL’s assessment puts office vacancy at approximately 24%, indicating room for further absorption as new businesses expand their operations.
The city’s commercial activity is spread across three broad business districts. The Central Business District, anchored by MI Road and C-Scheme, attracts financial institutions, corporate headquarters and premium hospitality businesses.
The Secondary Business District includes Civil Lines, Ajmer Road, Vidyadhar Nagar, Malviya Nagar, Tonk Road and JLN Marg, while the Peripheral Business District encompasses Mahindra City, Jagatpura and Sitapura, catering to technology and industrial-linked occupiers.
Retail and warehousing supply set to expand
Jaipur’s organised retail market has approximately 4.9 million square feet of operational mall stock, with vacancy of around 16%. Rentals range from Rs 100 to Rs 280 per square foot per month. The city has around 12 operational mall projects, with another 0.9 million sq ft of retail space expected by 2028.
The industrial and warehousing segment is also expanding. JLL estimates the city’s Grade A warehousing stock at 3.5 million square feet, with rentals of Rs 18-24 per square foot per month and vacancy of approximately 22%. A further 2.4 million square feet of supply is forecast by 2028.
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Key warehousing locations include the Sikar Road-NH-11 corridor, Ajmer Road-NH-48 and the Malviya Nagar-Sitapura Industrial Area. Rentals across these zones range from Rs 19 to Rs 25 per square foot per month, depending on location.
With additional supply planned across office, retail and warehousing segments, Jaipur is strengthening its position as a diversified commercial real estate destination. The market’s growth trajectory will depend on continued occupier demand, infrastructure development and the timely delivery of planned projects.
