Delhi-NCR is the 6th most expensive office rental market in APAC

Delhi-NCR is ranked as the sixth most expensive prime office market in the Asia Pacific region. According to Knight Frank's Q3 2023 Asia-Pacific Prime Office Rental Index, the annual occupancy cost in Delhi-NCR is $78.4 per square foot, which includes rent, local taxes and other charges. Hong Kong SAR remained the most expensive office market in the APAC region during the quarter with an occupancy cost of $164.7 per square foot per year. Mumbai is the ninth most expensive commercial market in the APAC region with an annual occupancy cost of $70.5 per square foot. The occupancy cost of prime office space in Bengaluru was $36.1 per square foot per year and the city was ranked 19th out of 23 cities tracked across the APAC region. Singapore was the second most expensive, followed by Sydney, Tokyo and Seoul. Beijing ranked seventh, Ho Chi Minh City eighth and Shanghai 10th.

"Demand for office space in India's largest occupier markets remained strong with over 7,00,000 square meters of leases sealed during the quarter; heightened activity by occupiers setting up Global Capability Centres (GCC) constituted the majority of demand", the report said. While transaction volumes have grown, the consultant said that rental levels remained stable across its three largest occupier markets as landlords focused on raising occupancy levels.