New Delhi’s Connaught Place 4th Most Expensive Office Market In Asia Pacific
Connaught Place in New Delhi has emerged as the fourth most expensive office space in the Asia Pacific with a modest 1.4 percent increase in office rentals in January-March 2019, according to property consultant Knight Frank.
Hong Kong, Tokyo and Singapore are the top three most expensive office markets in the Asia Pacific, while Mumbai's Bandra Kurla Complex stood seventh, Knight Frank said in a statement.
The consultant has released its Asia-Pacific Prime Office Rental Index for January-March 2019 that tracks prime office rental movement across key markets of Asia.
Average office rent at Connaught Place rose to Rs 330 per square feet a month in the first quarter of 2019 from Rs 326 per square feet in the year-ago period.
Bengaluru's central business district saw an increase of 17 percent in office rent at Rs 125 per square feet per month from Rs 107 per square feet during the review period.
Monthly office rent at BKC in Mumbai rose to Rs 300 per square feet, up 5 percent from Rs 286 square feet.
"The office space demand witnessed record growth in 2018 with over 47 million square feet of leasing, while new office space supply rose by 13 percent in the same period," said Shishir Baijal, chairman and managing director of Knight Frank India.
"The prime office markets are already operating with very low vacancy which is slowing down new transactions. Strong demand trends have put upwards pressure on rentals, especially in prime markets, a trend that is expected to continue," he added.