Tenth-most expensive office rental market in Asia Pacific is Delhi-NCR: Report

Tenth-most expensive office rental market in Asia Pacific is Delhi-NCR, according to a report.

According to Knight Frank, Delhi-NCR is the tenth most expensive office market in Asia Pacific.

Real estate firm Knight Frank said that the prime headline rent for commercial office space in the Delhi-NCR was $51.6 per square foot per year in its Asia-Pacific Prime Office Rental Index for Q2 (April-June) 2022.

The most costly office market in APAC is in Hong Kong SAR, where yearly rent is $175.4 per square foot.

Mumbai was 11th in the list of 23 cities with an annual rent of $45.8 per square foot, while Bengaluru was in 22nd place with an annual rent of $20.5 per square foot.

In the second quarter of the 2022 calendar year, Bengaluru experienced the greatest prime office rental percentage growth of 12.1% year over year.

Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “As the economy stabilises post pandemic, there is a rise in new hiring across most industries along with a move towards return to office which is propelling demand for offices in India.”

According to the ranking, Sydney was in second place, followed in that order by Singapore, Tokyo, HCMC (Ho Chi Minh City), Beijing, Melbourne, Perth, and Brisbane.

Kuala Lumpur has the cheapest rent, at $15.6 per square foot per year.