Bengaluru may see highest growth in office rent in APAC next year: Report
Office rentals in Bengaluru is expected to grow by 5-7 per cent -- highest in the Asia-Pacific region -- during the next year, according to Knight Frank India.
Office rentals in Bengaluru is expected to grow by 5-7 per cent -- highest in the Asia-Pacific region -- during the next year, according to Knight Frank India.
Bengaluru's prime office rental is expected to grow in the range of 5-7 per cent year-on-year in 2023. (Photo by Satyaprakash Kumawat on Unsplash)
In its latest report on 'Asia–Pacific Outlook 2023', property consultant Knight Frank said that rent growth in the APAC region is expected to moderate in 2023 as corporate occupiers are looking to optimise overheads and generate savings.
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"The steady performance of the Indian office markets seen in 2022 is expected to sustain in 2023," it said.
Bengaluru's prime office rental is expected to grow in the range of 5-7 per cent YoY (year-on-year) in 2023, highest amongst the 24 APAC cities tracked in the report.
Mumbai and New Delhi are the other Indian cities tracked in the report.
New Delhi's prime office rental is expected to grow in the range of 4-6 per cent YoY followed by Mumbai in the 3-5 per cent YoY in 2023.
The consultant attributed the expected growth in office rentals to a comparatively strong economic outlook, potentially increased outsourcing from the west due to cost constraints and rupee depreciation.
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The consultant attributed the expected growth in office rentals to a comparatively strong economic outlook, potentially increased outsourcing from the west due to cost constraints and rupee depreciation.
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Shishir Baijal, Chairman and Managing Director at Knight Frank India, said, "While recessionary forces in the west weigh on the global economy, the APAC region and India are expected to remain beacons of growth in an otherwise uninspiring economic backdrop."
Yamini CS is a Senior Content Producer at Hindustan Times with nearly six years of experience in digital journalism. She is part of the India News desk, where she works on a wide range of stories cutting across civic issues, city-based developments, politics, governance, public policy, breaking news, trending topics, and international affairs that have an impact on India. Her role involves tracking fast-moving developments, verifying information from official and on-ground sources, and presenting news in a clear, accessible format for a digital-first audience. A significant part of her work includes handling live blogs during major news events, such as elections, court verdicts, political developments, civic disruptions, protests, weather-related alerts, and unfolding national or international incidents. Through live coverage, she focuses on timely updates to help readers follow complex stories as they evolve. Before moving to the broader India News desk, Yamini was associated with the Bengaluru desk at Hindustan Times, where she extensively covered urban governance, infrastructure, traffic and transport issues, weather events, public grievances, and civic administration in the city. This experience strengthened her grounding in city reporting and sharpened her focus on citizen-centric journalism. She began her career as a correspondent with Reuters after completing a postgraduate diploma in journalism from the Indian Institute of Journalism and New Media. Her early training instilled a strong emphasis on accuracy, sourcing, and news ethics, which continue to shape her reporting style. Outside of work, Yamini enjoys reading across genres, listening to music, and spending time with her family, which help her maintain balance in a fast-paced newsroom environment.
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