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Led by Bengaluru’s MG Road, key central business pockets in Mumbai and Delhi have outperformed Shanghai and Guangzhou on a global list of 20 cities that have seen a sharp rise in office rents, while Tokyo and Singapore have seen negative growth.
The three Indian metros led by Bengaluru were among select global cities that saw a sharp appreciation in office rents, according to the Knight Frank Asia-Pacific Prime Office Rental Index. The index compared rent hikes at prime office markets across 20 global cities, between the first quarter of 2016 and this year.
Despite the initial jitters of demonetisation, the key office markets in Delhi, Mumbai and India’s IT capital, Bengaluru, saw a healthy surge in office rentals on a year-on-year basis. While Bengaluru recorded 4.7 per cent growth in rental rates, established central business districts such as Connaught Place in Delhi (4.3 per cent) and Bandra-Kurla Complex in Mumbai (3.4 per cent) saw robust rental growths.
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