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Delhi-NCR is the fifth most costly area for renting office space in the Asia-Pacific (APAC) region, with a 50% increase in office space sales in India's top three cities during the second quarter of 2024, according to a report.
Delhi-NCR is the fifth most costly area for renting office space in the Asia-Pacific (APAC) region, with a 50% increase in office space sales in India’s top three cities during the second quarter of 2024, according to a report.
Rental prices for prime office spaces in Delhi-NCR, Mumbai, and Bengaluru stayed the same, as reported by Knight Frank APAC Prime Office Rental Index.
The prime office market in Delhi-NCR has been stable over the last six quarters, with an average rent of Rs 340 per square foot, making it the fifth most expensive in the APAC region.
Bengaluru still leads the pack among the three major Indian cities, leasing 4.9 million square feet in the second quarter of 2024.
The decision of leadership teams to encourage employees to return to the office has boosted office space sales in the market.
Most of the deals were made by companies interested in India’s consumer markets and skilled workforce.
The demand for office space in India has grown globally, with a 33% increase in sales during the first half of 2024, driven by Indian companies and global companies with capabilities in India.
Hong Kong remains the most expensive area for office space in the APAC region.
In Mumbai, the highest rental price for a prime office space is Rs 302 per square foot, making it the eighth most expensive in the APAC region. In Bengaluru, the highest rental price is Rs 137 per square foot.
