- Delhi NCR is the tenth most costly business real-estate market, adopted by Mumbai.
- Hong Kong SAR continued to be Asia’s most costly workplace market.
- Bengaluru additionally made it to the record on the twenty second place with an annual lease of $20.5 per sq. foot.
Three Indian cities — Delhi, Mumbai and Bengaluru — are among the many most costly business actual property markets within the Asia-Pacific (APAC) area, in line with a latest report by property consultancy agency Knight Frank. These markets could get much more costly because the rents of economic properties in these cities are anticipated to rise within the subsequent 12 months.
Hong Kong SAR continued to be Asia’s most costly workplace market with an annual lease of $175.4 per sq. foot per 12 months.
India’s nationwide capital Delhi NCR is the tenth most costly business real-estate market within the APAC area, with an annual lease of $51.6 per sq. foot. Delhi was adopted by India’s monetary capital Mumbai within the eleventh rank, because the business property rents stood at $45.8 per sq. foot per 12 months.
Bengaluru additionally made it to the record on the twenty second place with an annual lease of $20.5 per sq. foot. The rental worth in all three cities is anticipated to extend over the subsequent 12 months as transaction volumes are anticipated to select up going ahead, the report added.
“The Indian workplace market witnessed (a) robust leasing development that continued into Q2 2022 with Bengaluru main in transaction volumes. With its distinctive place, India can anticipate its key driving sectors equivalent to IT/ ITeS to proceed to develop regardless of international headwinds,” Shishir Baijal, chairman and managing director, Knight Frank India stated.
A report by
on-line property rental platform NoBroker, launched final week, additionally revealed that about 71% of respondents of NoBroker’s Lease Report have already moved to their work cities, whereas 54% need to relocate throughout the metropolis or to the town they work within the close to future.
These relocation actions within the final six months have induced a property crunch in cities like Bengaluru, Mumbai and Pune, the report added. Saurabh Garg, co-founder and chief enterprise officer of NoBroker, famous that the dearth of obtainable property and rising demand had elevated the rents by 12% throughout cities.
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