Delhi NCR, Mumbai among top 10 real estate markets in Asia-Pacific

Delhi-National Capital Region (NCR) ranked as the 6th most expensive office space rental market in the APAC region, where prime office rent was recorded at Rs. 340/sqft/month. Hong Kong SAR remains the most expensive office market in APAC as per the latest edition of the Asia-Pacific Prime Office Rental Index for Q3 2024 by real estate consultancy Knight Frank.

Mumbai’s prime office rent was recorded at Rs. 317/sqft/month and was the eighth most expensive commercial market in the APAC region.

Prime rents in Delhi NCR remained steady in Q3 2024, while Mumbai and Bengaluru witnessed year-over-year increases of five percent and three percent respectively. This growth is attributed to strong occupier demand and limited new supply.

Prime office rentals in Delhi-NCR, Mumbai, and Bengaluru have shown resilience year-on-year, with rental rates projected to remain steady in the upcoming 12 months. Of the 23 cities surveyed, 16 cities reported either stable or increasing rents compared to the previous year, a slight increase from 15 cities in Q2 2024.

Brisbane stood out with the highest year-on-year growth in Q3 2024, signaling a positive trend in various markets. Vacancy rates in the region have marginally decreased by 0.2 percentage points, indicating a stabilisation in the market.

Transaction volumes in the office space market of Delhi NCR, Mumbai, and Bengaluru reached all-time highs in Q2 and Q3 2024. The increase is mainly driven by global capability centres (GCCs) and India-focused businesses. This surge reflects optimism about India’s economic future, abundant talent pool, favourable business regulations, and the expanding consumer markets. (ANI)

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