According to a survey on office leasing markets, Delhi-NCR is the sixth most expensive city in Asia Pacific

 According to a survey on office leasing markets, Delhi-NCR is the sixth most expensive city in Asia Pacific

Bengaluru, which ranked 19th on the list, is among the premier office markets in the Asia-Pacific area with the lowest prices.

Mumbai ranked eighth in the APAC area with a monthly rent of Rs 302 per square foot.

A Knight Frank research from the third quarter of 2023 shows that Delhi-NCR is the sixth most expensive office space leasing market in the Asia Pacific (APAC) region, with Hong Kong SAR at the top of the list.

According to the Asia-Pacific Prime Office Rental Index for Q3 2023 report, over 700,000 square meters of office space were leased out during the quarter, indicating continued robust demand for office space in India's major occupier markets.

"Strong occupiers' demand for building Global Capability Centres (GCC) represented most of the demand, which compensated for slower demand from flex space operators," stated the report.

The yearly demand for prime office rents in Delhi-NCR, Mumbai, and Bengaluru continued to be robust, and it is anticipated that these rentals would be steady at the present prices for the next year as well.

The average rent in the area remained stable on a quarterly basis, with the reductions in the Chinese mainland markets abating. Growth in rentals in the majority of other developed economies offset this. In general, the quarterly report showed that, consistent with Q2 of 2023, around fifteen of the twenty-three cities under observation reported rents that were either unchanged or rising, comparable to Q3 of 2023.

Our opinion that the Indian office market would continue to be resilient in the short to medium term is supported by the market's favorable outlook, better physical occupancy, stability in occupancy and rental prices since 2022, and growing demand in 2023. Knight Frank India chairman and managing director Shishir Baijal said.

Bengaluru has the lowest cost

Bengaluru, which ranked 19th on the list, is among the premier office markets in the Asia-Pacific area with the lowest prices. The city's premier office rent was reported to be Rs 135 per square foot per month. For the next 12 months, it is anticipated that the city's rental value would not change.

Rental values in Delhi-NCR's prime office sector are still at the same levels as they have been for the previous four quarters. With a top office rent of Rs 340 per square foot per month, the city ranks sixth in the APAC office market for price.

Mumbai ranked eighth in the APAC area with a monthly rent of Rs 302 per square foot.