New Delhi
According to a recent report by Knight Frank, Delhi-NCR has secured the sixth position as the most expensive office space rental market in the Asia-Pacific (APAC) region for the third quarter of 2023. Hong Kong SAR topped the list in this index. The report, titled Asia-Pacific Prime Office Rental Index for Q3 2023, highlighted strong demand for office space in India’s largest occupier markets, with over 700,000 square meters of space leased during the quarter. Most of this demand was driven by companies setting up Global Capability Centres (GCC) rather than flex space operators. Prime office rentals in Delhi-NCR, Mumbai, and Bengaluru have remained robust in annual terms, and rental rates for the coming year are expected to remain stable at their current levels. On a quarter-to-quarter basis, the average rent across the region remained stable, with declines in Chinese mainland markets balancing out rental growth in most other developed markets. The report also indicated that, similar to the third quarter of 2023, 15 out of the 23 cities tracked reported either stable or increasing rents, reflecting the stability in the office space rental market. This ranking in the Asia-Pacific region underlines the attractiveness and demand for office spaces in Delhi-NCR, despite its position as one of the more expensive markets.
