Delhi-NCR ranks ninth in Asia Pacific in terms of occupancy cost for prime office space at USD 60.1 per square feet per year, according to Knight Frank India.
As per Knight Frank’s Asia-Pacific Prime Office Rental Index for Q1 2022 that tracks 23 cities in the region, Hong Kong SAR is at the first position with an occupancy cost of USD 186 per square feet, followed by Singapore (USD 105), Tokyo (USD 101.2), Sydney (USD 98.6) and Beijing (USD 84.8).
“Hong Kong SAR continued to be Asia’s most expensive office market with a cost at USD 186 per square feet per year. Delhi-NCR was the 9th most expensive market at USD 60 per square feet per year (Rs 376/sq ft/month),” Knight Frank said.
Mumbai at USD 50.9 per sq ft per year (Rs 318 per square feet per month) and Bengaluru at USD 26.7 per square feet per year (Rs 167 per square per month) were at 15th and 21st positions in terms of most expensive office locations, respectively.Knight Frank India Chairman and Managing Director Shishir Baijal said: “The Indian office market scenario has started to improve since the removal of Covid related restrictions.
More companies are recalling their staff to office.”Further, with the IT/ ITeS sector hiring upwards of 20 per cent new staff in the last 18–24 months, demand for office space is expected to rise further, he added.