Jaipur, October 22, 2026: Jaipur has emerged as one of India’s leading Tier II commercial real estate markets, with significant expansion across the office, retail, and warehousing sectors, according to a report by JLL. The city now boasts 9.70 million sq. ft of operational office stock, underscoring its growing importance as a destination for businesses seeking alternatives to traditional metro locations.
JLL highlighted that Jaipur’s strategic location near Delhi NCR, ongoing infrastructure development, and competitive operational costs have contributed to its appeal for companies in IT/ITES, BFSI, consulting, and logistics. The office sector leads the city’s growth, supported by demand from technology firms, financial institutions, and logistics operators.
Office sector expansion and flexible workspace
Jaipur’s office market has reached 9.70 million sq. ft of Grade A stock, with rental rates ranging from INR 45 to 95 per square foot per month and a vacancy rate of approximately 24%. The flexible workspace segment currently offers around 11,000 seats, with an additional 3,150 seats expected to be added in the coming quarters. JLL projects a further 3.32 million sq. ft of new office supply by 2028, indicating sustained developer confidence.
“Jaipur exemplifies the transformation underway across North India’s Tier-II markets. We are witnessing occupier demand from technology firms, financial institutions, and logistics operators who recognise that Jaipur offers the infrastructure quality of metro markets with superior cost economics and access to North India’s expanding talent base,” said Manish Aggarwal, Senior Managing Director, North & East India, JLL.
Commercial districts and occupier segments
The city’s commercial real estate is organized into three main business districts. The Central Business District, anchored by MI Road and C Scheme, attracts financial institutions, corporate headquarters, and premium hospitality assets. The Secondary Business District covers Civil Lines, Ajmer Road, Vidyadhar Nagar, Malviya Nagar, Tonk Road, and JLN Marg, offering stand-alone commercial complexes with office and retail components. The Peripheral Business District, including Mahindra City, Jagatpura, and Sitapura, serves as a hub for technology and IT-enabled services, with anchor tenants such as Wipro and Infosys at Mahindra SEZ.
Retail and warehousing sectors show strong fundamentals
Jaipur’s organized retail market comprises 4.9 million sq. ft of mall stock across about 12 operational projects, with a vacancy rate of approximately 16%. Premium retail space commands rentals between INR 100 and 280 per square foot per month. An additional 0.9 million sq. ft of mall space is expected by 2028.
The warehousing sector has reached 3.5 million sq. ft of Grade A stock, with rentals ranging from INR 18 to 24 per square foot per month and a vacancy rate of about 22%. The sector anticipates 2.4 million sq. ft of additional supply by 2028. Warehousing infrastructure is distributed across three zones: Sikar Road–NH 11 and VKI Area (INR 19–24 per sq. ft per month), Ajmer Road–NH-48 (INR 20–25), and Malviya Nagar/Sitapura Industrial Area (INR 22–25).
Sector outlook and future growth
Technology and IT-enabled services are driving demand in the peripheral districts, while the Central Business District continues to attract financial institutions and corporate headquarters. With ongoing supply additions in office, retail, and warehousing, JLL expects Jaipur to further strengthen its position as a key commercial real estate market among India’s Tier II cities.
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