NEW DELHI: Delhi-NCR ranks because the sixth costliest workplace location within the Asia Pacific area, with common month-to-month leases of Rs 340 per sq ft, while Mumbai holds the eighth place, in response to Knight Frank India‘s newest Asia-Pacific Prime Workplace Rental Index for Q3. Hong Kong SAR maintains its place because the area’s most costly workplace market within the third quarter.
The third quarter of 2024 noticed secure prime rents in NCR, whereas Mumbai and Bengaluru skilled YoY progress of 5 per cent and three per cent respectively, attributed to sturdy company demand and constrained new provide.
Mumbai instructions prime workplace rents of Rs 317 per sq ft month-to-month, positioning it because the eighth most costly industrial market within the APAC area.
At Rs 138 per sq ft month-to-month, Bengaluru’s prime workplace market ranks 18th, inserting it amongst probably the most reasonably priced prime workplace markets within the area.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, stated, “The resilience of the Indian economic system continues to draw sturdy international company curiosity as mirrored within the sustained demand throughout India’s main workplace markets”.
He additional stated that quarterly transactions have reached unprecedented ranges and are anticipated to surpass annual targets in 2024, with rents remaining secure.
Baijal added, “This constructive outlook, supported by constant bodily occupancy, regular hire ranges since 2022, and rising demand in 2024, underscores our confidence within the sustained energy of the Indian workplace market within the close to to medium time period”.
