Prime office realty rentals on the rise

MUMBAI: Demand for commercial realty rentals real estate is pushing the head office in major cities like Mumbai, New Delhi and Bangalore due to the interest of continuing to expand businesses in India.

During the first quarter, prime office rentals in Bengaluru, Mumbai, and Delhi increased by 17%, 5%, and 1.4% respectively a realty rentals year ago. Vikas has created Connaught Place of New Delhi as the fourth most expensive office market in the Asia-Pacific region, it is revealed by Knight Frank’s figures.

..For the first quarter of 2019, Knight Frank’s Asia-Pacific Prime Office Rental Index has reported a 0.4% gradual increase in rent, though it is 6.2% on a year-by-year basis. The gradual decline in the index was attributed to continuing global uncertainties due to the US-China trade tension, the brake side and the revival of various major elections in the entire region.

Connaught Place recorded gross effective monthly rents of $82.5 per sq meter (Rs 330 per sq ft) that stacked up realty rentals just behind Hong Kong, Tokyo, and Singapore. Mumbai’s Bandra-Kurla Complex (BKC), with effective realty rentals monthly rents of $75.1 per sq meter (Rs 300 per sq ft), was the seventh-most expensive office location.

“The office space demand witnessed record growth in 2018 with over 47 million square feet (MSF) of leasing, while new realty rentals office though it is 6.2% on a year-by-year basis. The gradual decline in the index was attributed to continuing realty rentals global uncertainties due to the US-China trade tension space supply rose 13%  Brexit and various major elections across the region.

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