Between July and September this year, office rent in Bengaluru grew 12.1 percent year-on-year (YoY), the highest in the Asia Pacific region, according to a report by Knight Frank.
The Asia-Pacific Prime Office Rental Index report for Q3 2022, said Bengaluru topped the list with 12.10 percent YoY growth in office rentals in Q3 2022.
Mumbai ranked third in the index, recording 7 percent YoY growth in office rentals, followed by Delhi-NCR at 14th rank, which remained stable during the period.
The report also said that the rental growth in Bengaluru, Mumbai and Delhi-NCR remained flat compared to the April-June quarter.
Jakarta was in the second position with a 10.90 percent growth in office rent.
Taipei stood at fourth rank with a 5.50 percent increase in rent, followed by Singapore with a 5.3 percent rise, Brisbane with a 3.9 percent appreciation and Seoul with a 3.7 percent rise.
Sydney ranked eighth with a 3.40 percent rent increase, while Perth was in the ninth position with 2.4 percent rental growth and Shanghai at 10th rank with 1.9 percent appreciation.
During the third quarter of 2022, Knight Frank's Asia-Pacific Prime Office Rental Index remained stationary quarter-on-quarter after observing three consecutive quarters of expansion. However, the overall index is up 2.3 percent YoY, the fourth consecutive rise, the report said.
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