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Delhi, Mumbai and Bengaluru – Asia Pacific’s Most Expensive Real Estate Markets Get More Expensive

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  • Delhi NCR is the 10th most expensive commercial property market, followed by Mumbai.
  • Hong Kong SAR remained Asia’s most expensive office market.
  • Bengaluru also topped the list in 22nd position with an annual rent of $20.5 per square foot.

Three Indian cities – Delhi, Mumbai and Bengaluru – are among the most expensive commercial real estate markets in the Asia-Pacific (APAC) region, according to a recent report by real estate consultancy Knight Frank. These markets could become even more expensive as commercial real estate rents in these cities are expected to rise over the next 12 months.

Hong Kong SAR remained Asia’s most expensive office market with an annual rent of $175.4 per square foot per year.

India’s national capital, Delhi NCR, is the 10th most expensive commercial real estate market in the APAC region, with an annual rent of $51.6 per square foot. Delhi was followed by Mumbai, India’s financial capital, in 11th ranking as commercial property rents were $45.8 per square foot per year.

Bengaluru also topped the list in 22nd position with an annual rent of $20.5 per square foot. Rental values ​​in all three cities are expected to rise in the next 12 months as transaction volumes are expected to increase in the future, the report added.

“The Indian office market witnessed (a) a strong rental trend that continued into the second quarter of 2022, with Bengaluru leading the way in transaction volumes. With its unique position, India can expect its key driving sectors such as IT/ITeS to continue to grow despite global headwinds,” said Shishir Baijal, Chairman and CEO of Knight Frank India.

A report from the online real estate rental platform NoBroker, released last week, also revealed that about 71% of respondents to NoBroker’s Rent Report have already moved to their work cities, while 54% want to move within the city or to the city where they work. near future.

These relocation activities in the past six months have led to a real estate crisis in cities such as Bengaluru, Mumbai and Pune, the report said. Saurabh Garg, co-founder and chief business officer of NoBroker, noted that the lack of available real estate and rising demand had caused rents in cities to rise by 12%.


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