close_game
close_game

Bengaluru may see highest growth in office rent in APAC next year: Report

PTI | | Posted by Yamini C S
Dec 03, 2022 04:34 PM IST

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)
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.

"The steady performance of the Indian office markets seen in 2022 is expected to sustain in 2023," it said.

READ | Why Karnataka's Mysuru is the next real estate hotspot in India

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.

READ | Bengaluru ranks fourth among most expensive real estate markets in India: Report

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.

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."

READ | Bengaluru sees highest appreciation in average housing prices for Jul - Sept

In housing segment, the report mentioned that Bengaluru's residential price is expected to grow by up to 5 per cent YoY in the next calendar year.

"Consistent growth of startups and unicorns coupled with rising income levels makes the city a strong market in the APAC region," it added.

Mumbai's residential price is expected to grow by up to 4 per cent YoY in 2023.

The residential price in New Delhi is expected to grow in the range of 2-3 per cent in 2023.

Catch every big hit,...
See more
Catch every big hit, every wicket with Crickit, a one stop destination for Live Scores, Match Stats, Infographics & much more. Explore now!

Stay updated Karnataka Election Results 2024 and with all the Breaking News and Latest News from Bengaluru. Click here for comprehensive coverage of top cities including Delhi, Mumbai, Hyderabad, and more across India . Stay informed on the latest happenings in World News.
SHARE THIS ARTICLE ON
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Saturday, October 12, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On