NEW DELHI: Delhi-NCR ranks as the sixth costliest office location in the Asia Pacific region, with average monthly rentals of Rs 340 per sq ft, whilst Mumbai holds the eighth position, according to Knight Frank India‘s latest Asia-Pacific Prime Office Rental Index for Q3. Hong Kong SAR maintains its position as the region’s most expensive office market in the third quarter.
The third quarter of 2024 saw stable prime rents in NCR, while Mumbai and Bengaluru experienced YoY growth of 5 per cent and 3 per cent respectively, attributed to robust corporate demand and constrained new supply.
Mumbai commands prime office rents of Rs 317 per sq ft monthly, positioning it as the eighth most expensive commercial market in the APAC region.
At Rs 138 per sq ft monthly, Bengaluru’s prime office market ranks 18th, placing it amongst the most affordable prime office markets in the region.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, said, “The resilience of the Indian economy continues to attract strong global corporate interest as reflected in the sustained demand across India’s major office markets”.
He further said that quarterly transactions have reached unprecedented levels and are expected to surpass annual targets in 2024, with rents remaining stable.
Baijal added, “This positive outlook, supported by consistent physical occupancy, steady rent levels since 2022, and rising demand in 2024, underscores our confidence in the sustained strength of the Indian office market in the near to medium term”.