Gurugram office rents held flat in Q2 — here is what moved underneath

The headline number hides the movement

Average Grade-A office rent across Gurugram was effectively unchanged in Q2. That figure is accurate and close to useless, because it averages a fitted floor in Cyber City against a bare shell on Sohna Road.

Fitted floors are pulling away

The premium for a fitted floor over an equivalent shell widened from roughly 17% to 22% over four quarters. Occupiers are pricing time as well as capex — four months of parallel rent during fit-out is real money, and it is showing up in what they will pay to avoid it.

Golf Course Extension outperformed

Rents on the Extension grew 140 basis points ahead of the city average, on the back of SCO completions bringing retail and F&B to a stretch that had none three years ago.

What it means for a decision this quarter

If you are taking a shell, the negotiating room is wider than the average suggests. If you need a fitted floor, expect to pay for it and expect competition.