Delhi-NCR 6th most expensive office market in Asia Pacific with monthly rent of Rs 340/sq ft: Knight

 Delhi-NCR is sixth most expensive office location in Asia Pacific region, with an average monthly rental of Rs 340 per sq ft, while Mumbai ranked eighth in list, according to Knight Frank India.

Real estate consultant Knight Frank, in its latest edition of Asia-Pacific Prime Office Rental Index for Q3 (July-September) 2024, said Delhi-NCR is 6th most expensive office space rental market across APAC region.

Hong Kong SAR continues to be APAC's most expensive office market during third quarter of this calendar year.

Prime rents in NCR remained stable in Q3 2024, while Mumbai and Bengaluru saw year-on-year (YoY) increases of 5 per cent and 3 per cent, respectively, driven by strong demand from corporates and limited new supply.

prime office market of Delhi-NCR continued to see rental values maintain levels seen in past four quarters.

prime office rent of region was recorded at Rs 340 per sq ft per month, making it 6th most expensive office market in APAC zone.

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

Bengaluru ranked 18th on list and is one of least expensive prime office markets. prime office rent of city was recorded at Rs 138 per sq ft per month.

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

He said quarterly transaction volumes have reached record highs and are likely to exceed annual benchmarks in 2024 while rental rates remain stable.

"This positive outlook, supported by consistent physical occupancy, stey rent levels since 2022, and rising demand in 2024, underscores our confidence in sustained strength of Indian office market in near to medium term," Baijal said.