Most Expensive Places For Office Spaces In Asia-Pacific: Two Indian Cities In List

With a monthly rent of Rs 360 per square feet, Delhi-NCR is sixth most expensive office location in Asia Pacific region, according to Knight Frank India.

Knight Frank, in its Asia Pacific Prime Office Rental Index for July-September quarter, 2024 noted that Delhi-NCR is sixth most expensive office space rental market in APAC region.

Hong Kong SAR, however, remains most expensive market for renting office spaces in reporting period, according to this Knight Frank Index.

While prime rents remained stable in Delhi-NCR, Mumbai and Bengaluru saw annual increases of 5% and 3% respectively, on back of strong demand from corporates and limited new supply.

Rent values have been maintained for past four quarters in prime office rental space market in Delhi-NCR.

Mumbai recorded a prime office rent of Rs 317 per square feet per month and was 8th most expensive commercial market in APAC region.

Bengaluru scored 18th rank on list at Rs 138 per square feet a month.

" resilience of Indian economy continues to attract strong global corporate interest as reflected in sustained demand across India's major office markets," said Shishir Baijal, Chairman and Managing Director of Knight Frank India.

Quarterly transaction values reached record highs and have a likelihood of exceeding annual benchmarks in 2024, while rental rates are stable.

Baijal furr ded that positive outlook, due to consistent physical occupancy, stey rent since 2022 and rising demand in 2024, underscores his confidence in "sustained strength of Indian office market in near to medium term".