Delhi-NCR's office rental cost rank 6th in Asia Pacific at $78.4 per sq ft

Delhi-NCR has secured the sixth position in the list of Asia Pacific's top 23 cities with the highest office rental costs, based on data from the July-September period, according to a Knight Frank report. The annual occupancy cost in Delhi-NCR stands at $78.4 per square foot, encompassing rent, local taxes, and other associated charges.

In the same quarter, Hong Kong SAR retained its position as the costliest office market in the Asia-Pacific region, with an annual occupancy cost of $164.7 per square foot. Mumbai, on the other hand, ranked ninth in terms of office rental expenses within the APAC region, with an annual cost of $70.5 per square foot.

APAC office cost rankings

Bengaluru's prime office space had an annual occupancy cost of $36.1 per square foot, placing it 19th out of the 23 cities monitored across the APAC region. Singapore claimed the second spot in the list of most expensive office markets, followed by Sydney, Tokyo, and Seoul. Beijing secured the seventh position, Ho Chi Minh City the eighth, and Shanghai the tenth.

According to the report, there was strong demand for office space in India's major occupier markets, with more than 700,000 square meters of leases signed during the quarter. The majority of this demand came from occupiers establishing Global Capability Centres (GCC).

Although transaction volumes saw an increase, Knight Frank noted that rental rates in the top three occupier markets in India remained stable, as landlords concentrated on boosting occupancy rates.

(With PTI Inputs)