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Delhi-NCR is the sixth most costly office location in the Asia Pacific area, with an average monthly rental of Rs 340 per square foot, while Mumbai came in at number eight, Knight Frank India reports.

 

In its most recent edition of the Asia-Pacific Prime Office leasing Index for Q3 (July-September) 2024, real estate firm Knight Frank ranked Delhi-NCR as the sixth most costly office space leasing market in the APAC region.

As of the third quarter of this year, Hong Kong SAR remains the most costly office market in Asia.

In Q3 2024, prime rents in the NCR stayed the same, while in Bengaluru and Mumbai, year-over-year (YoY) gains of 3% and 5%, respectively, were fuelled by limited supply and high corporate demand.

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, one of the least expensive major office cities, came in at number eighteen on the list. The city's best office rent was Rs 138 per square foot per 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," stated Shishir Baijal, Chairman and Managing Director of Knight Frank India.

According to him, while rental rates are steady, quarterly transaction volumes have hit all-time highs and are probably going to surpass yearly benchmarks in 2024.