Business

Office rentals decline in Mumbai, Bengaluru: Knight Frank

The prime office space market in Mumbai & Bengaluru witnessed 0.8% and 3% decline in rentals quarter-on-quarter in the January-March period while rents in the NCR market remained unchanged according to a report by Knight Frank.

However, Bengaluru, NCR and Mumbai markets are expected to remain stable in rental values over the next 12 months, the report added.

According to Knight Frank’s Asia Pacific Prime Office Rental Index, Taipei is the only city expected to witness an increase in office rental values across the APAC region in next 12-months.

Of the 22 cities tracked by the index, 8 recorded either stable or increased rents in the past quarter compared to 10 in the previous quarter.

Shishir Baijal, CMD, Knight Frank India said, “The second wave of pandemic and associated regional lockdowns have temporarily delayed occupiers’ office re-occupancy plans.”

“However, control on infection case count with graded regional lockdowns and progress on vaccination drive will act as a market stabiliser in near future. Given the strong fundamentals of India office market, despite the near-term uncertainty, occupiers will positively react to any improvement in the pandemic scenario in the country,” he added.


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Printable version | Jun 24, 2021 5:59:12 AM | https://www.thehindu.com/business/office-rentals-decline-in-mumbai-bengaluru-knight-frank/article34544909.ece

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