Office Rent: The realty sector is once again seeing a boom in the country and due to this the prices of residential to commercial properties are continuously increasing. If we talk about the cities with the most expensive office space in the Asia-Pacific region, then they are not in Japan, Singapore or Malaysia but in India. Office rents are expected to increase by 5-7 per cent in Bengaluru next year, which is the highest in the Asia-Pacific region.
Office rents will increase the most in Bengaluru in the Asia-Pacific region – report
Property consultant Knight Frank in its latest report on ‘Asia-Pacific Outlook 2023’ said rental growth in the region is expected to moderate in 2023. According to the report, corporate businessmen want to cut their expenses, due to which the rent will increase in general. The report further said, “Indian office markets are expected to continue their steady performance in 2022 in 2023 as well.”
By what percentage will the office space rent increase in Bangalore?
Knight Frank said office rentals in Bengaluru are expected to grow by 5-7 per cent year-on-year in 2023, the highest in the Asia-Pacific region. The report studied 24 cities in the Asia Pacific region. These cities include Mumbai and New Delhi. Office rents are expected to increase at the rate of 4-6 per cent in 2023 in New Delhi. There may be an increase of 3-5 percent in Mumbai.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, said that due to the recession in the western countries, the global economy is being weighed down, while India remains a ray of hope.
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