Delhi-NCR Ranks 5th in Asia Pacific's Most Expensive Office Markets
Delhi-NCR has emerged as the 5th most expensive office market in the Asia Pacific region, with a prime office rent of INR 340/sqft/month.
Office MarketDelhi NcrMumbaiBengaluruKnight FrankReal Estate NewsAug 04, 2024
According to the report, transaction activities across India's three major occupier markets saw a notable 50% increase in Q2 2024, maintaining the robust occupier sentiment that has fuelled leasing activities since 2023. The majority of transactions were driven by India-facing businesses reflecting a sustained strategic interest in India's consumer markets and its skilled labour pool.
Bengaluru retained its position as the leading destination among the three Indian cities, with 4.9 million square feet (mn sq ft) leased in Q2 2024. The leadership teams actively encouraging employees to return to office has also positively impacted the transaction volumes in the market.
Prime office rental rates in Delhi-NCR, Mumbai, and Bengaluru have remained stable in YoY terms and current market momentum points toward a stable rental in the rest of 2024 as well. In summary, the quarterly report revealed that 15 out of 23 tracked cities reported either stable or rising rental rates.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said,
Frequently Asked Questions
What is the rank of Delhi-NCR in the Asia Pacific's most expensive office markets?
Delhi-NCR ranks 5th in the Asia Pacific's most expensive office markets.
What is the prime office rent in Delhi-NCR?
The prime office rent in Delhi-NCR is INR 340/sqft/month.
Which city is the leading destination among the three Indian cities in terms of office space leasing?
Bengaluru is the leading destination among the three Indian cities in terms of office space leasing.
What is the prime office rent in Mumbai?
The prime office rent in Mumbai is INR 302/sqft/month.
What is the rank of Bengaluru in the Asia Pacific's most expensive office markets?
Bengaluru ranks 18th in the Asia Pacific's most expensive office markets.
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