Bengaluru witnessed the highest prime office rental percentage in the entire Asia Pacific region with an increase of 12.1% year-on-year in the second calendar quarter of 2022, said Knight Frank, a realty advisory, consulting and management firm.
With a double-digit growth, Bengaluru was the best-performing prime office market in the APAC region in terms of rental growth in Q2 2022 as compared to last year, and continuing on this trend, the rental value in the city may rise during the following 12 months, reported the firm.
With the 22nd position on APAC Prime Office Rental Index, the city finds itself as one of the least expensive prime office markets in the region. The prime office rent of the city was recorded at ₹1,620/sq ft/year.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said the Indian office market witnessed strong leasing trend that continued into Q2 2022 with Bengaluru leading in transaction volumes. With its unique position, India can expect its key driving sectors such as IT/ITeS to continue to grow despite global headwinds.
Mumbai’s prime office rental market achieves the highest sequential growth while Delhi-NCR rated as the 10th most expensive commercial real estate market in the APAC region, with a rental of $51.6/sq ft/year. Hong Kong continued to be Asia’s most expensive office market with an annual rent of $175.4/sq ft/year.
