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 the sixth most expensive office location in the Asia Pacific region, according to Knight Frank India.

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

Hong Kong SAR, however, remains the most expensive market for renting office spaces in the 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 the back of strong demand from corporates and limited new supply.

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

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

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

"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," 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 further added that the positive outlook, due to consistent physical occupancy, steady rent since 2022 and rising demand in 2024, underscores his confidence in the "sustained strength of the Indian office market in the near to medium term".