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

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

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

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

Prime rents in the 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.

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

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

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

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

Knight Frank India Chairman and Managing Director Shishir Baijal 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 said the 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, 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," Baijal said.