support@headlinenews360.com
Property Report: Prime office rents in Delhi-NCR, Mumbai and Bengaluru remained stable in the July-September period, while they declined on a YoY basis in Mumbai and Bengaluru respectively due to strong demand and limited new supply. An increase of five percent and three percent was observed. This information has been revealed in a report released on Saturday.
Delhi-NCR is the sixth most expensive office space in the Asia-Pacific region
According to the report, prime office rents in Delhi-NCR, Mumbai and Bengaluru remained strong on an annual basis. With this, rental rates are expected to remain stable in the next 12 months. According to a report by Knight Frank, Delhi-NCR is currently the sixth most expensive office space rental market in the Asia-Pacific region.
Most of the property rents in Mumbai and NCR remained on the rise due to the offices of companies working with India. Prime office rent in Mumbai was recorded at Rs 317 per square feet per month. In Bengaluru it was Rs 138 per sq ft per month and in Delhi-NCR it was Rs 340 per sq ft per month. The combined transaction volume of these three markets consistently reached all-time highs in the second and third quarters of 2024. The credit for this growth largely goes to Global Competence Centers (GCC) and India-focused businesses.
Knight Frank India’s report
Shishir Baijal, Chairman and Managing Director, Knight Frank India said, "The strength of the Indian economy is attracting global corporates. This is evident from the sustained demand in the major office markets of the country." He said, "This positive outlook, coupled with stable rental levels through 2022 and growing demand into 2024, underlines our confidence in the continued strength of the Indian office market in the near to medium term."
Biggest volume increase in Bengaluru in Q3 2024
In Q3 2024, Bengaluru saw the largest volume increase, at 158 per cent year-on-year. Bengaluru’s position as a GCC hub was further strengthened by the fact that 62 per cent of the positions traded in the city were from the GCC. The report said this surge reflects optimism about India’s economic future, its rich talent pool, business-friendly regulations and the continued growth of its vast consumer markets.
ये भी पढ़ें
