Bengaluru sees highest office rental growth across APAC; rent up 12.1 pc in Sep qtr

PTI, Nov 21, 2022, 8:27 PM IST

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Bengaluru/New Delhi: Office rent in Bengaluru rose 12.1 percent year-on-year in July-September this year, the highest in the Asia Pacific region, according to Knight Frank.

In its Asia-Pacific Prime Office Rental Index for Q3 2022, property consultant Knight Frank said that Bengaluru topped the list with 12.10 percent y-o-y (year-on-year) growth in office rentals in Q3 (July-September) 2022. Mumbai was at the 3rd rank in the index, recording 7 percent y-o-y growth in office rentals, followed by Delhi-NCR at the 14th rank, which remained stable during the period.

Jakarta was in the second position with a 10.90 percent growth in office rent.

Taipei stood at fourth rank with a 5.50 percent increase in rent, followed by Singapore with a 5.3 percent rise, Brisbane with a 3.9 percent appreciation, and Seoul with a 3.7 percent rise. Sydney ranked 8th with a 3.40 percent rent increase, while Perth was at 9th position with 2.4 percent rental growth, and Shanghai at 10th rank with 1.9 percent appreciation.

Asia-Pacific Prime Office Rental Index is a quarterly publication, which tracks the rental performance of prime office properties across key markets in the Asia Pacific region.

During the third quarter of the 2022 calendar year, Knight Frank’s Asia-Pacific Prime Office Rental Index remained stationary quarter-on-quarter after observing three consecutive quarters of expansion. However, the overall index is up 2.3 percent y-o-y, the fourth consecutive rise.

According to Knight Frank data, the rental growth in Bengaluru, Mumbai, and Delhi-NCR remained flat compared with the April-June quarter.