Real Estate: Delhi-NCR ranks 10th in the list of most expensive office market in Asia Pacific

Delhi-NCR has been ranked 10th in the list of the most expensive office markets in the Asia Pacific, according to Knight Frank.

In its Asia-Pacific Prime Office Rental Index for Q2 (April-June) 2022, real estate consultant Knight Frank said that prime headline rent of commercial office space in the Delhi-NCR was recorded at USD 51.6 per square foot per year.

Hong Kong SAR is the most expensive office market in APAC with an annual rent of USD 175.4 per sq ft.

Mumbai was at 11th position with an annual rent of USD 45.8 per square foot, while Bengaluru ranked 22th in the list of 23 cities commanding an annual rent of USD 20.5 per square foot.

Bengaluru witnessed the highest prime office rental percentage increase of 12.1 percent year-on-year in Q2 of the 2022 calendar year.

Shishir Baijal, Chairman and Managing Director, Knight Frank India said, "As the economy stabilizes post-pandemic, there is a rise in new hiring across most industries along with a move towards return to office which is propelling demand for offices in India."

As per the list, Sydney was at the second position, followed by Singapore, Tokyo, HCMC (Ho Chi Minh City), Beijing, Melbourne, Perth, and Brisbane in that order.

Kuala Lumpur is the least expensive with an annual rent of USD 15.6 per square foot.