Jaipur's commercial real estate market is expected to add 6.62 million square feet of office, mall and warehousing space by 2028, as businesses expand beyond major metropolitan markets, according to property consultancy JLL.
The proposed additions comprise 3.32 million sq. ft of office space, 0.9 million sq. ft of mall space and 2.4 million sq. ft of warehousing supply. The pipeline comes as Jaipur builds its presence as a commercial real estate destination, supported by its proximity to Delhi-NCR, developing infrastructure and relatively lower operating costs.
“Jaipur exemplifies the transformation underway across North India’s Tier-II markets,” Manish Aggarwal, senior managing director for North and East India at JLL, said.
“We are witnessing occupier demand from technology firms, financial institutions, and logistics operators,” he added, noting that the city offers the “infrastructure quality of metro markets with superior cost economics and access to North India's expanding talent base”.
Office market leads expansion
Jaipur's office market has 9.70 million sq. ft of stock, with monthly rentals ranging from ₹45 to ₹95 per sq. ft and a vacancy rate of around 24%, JLL said.
The flexible workspace segment has approximately 11,000 operational seats, with another 3,150 seats projected to enter the market over the next few quarters.
“Looking ahead, the office sector anticipates healthy supply additions of 3.32 million sq. ft by 2028,” Aggarwal said, describing the pipeline as a sign of “sustained developer confidence and market demand”.
Technology and IT-enabled services firms are key occupiers in peripheral business districts, including Mahindra City, Jagatpura and Sitapura. JLL said Wipro and Infosys are among the anchor tenants at Mahindra SEZ.
Retail and warehousing add to supply pipeline
Jaipur has 4.9 million sq. ft of organised mall space, with a vacancy rate of around 16%. Premium retail rentals range from ₹100 to ₹280 per sq. ft per month. The city has around 12 operational malls, with another 0.9 million sq. ft expected by 2028.
The warehousing market has 3.5 million sq. ft of Grade A stock, with monthly rentals ranging from ₹18 to ₹24 per sq. ft and vacancy of around 22%. An additional 2.4 million sq. ft of supply is forecast by 2028.
JLL identified three key warehousing zones: Sikar Road and the VKI area along NH-11, Ajmer Road along NH-48, and the Malviya Nagar-Sitapura industrial belt.
The supply pipeline across office, retail and warehousing points to further expansion in Jaipur's commercial property market, although current vacancy levels indicate that new supply will need to be matched by occupier demand.