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    Global childhood vaccination coverage holds steady, yet over 14 million infants remain unvaccinated – WHO, UNICEF

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    Apollo Bannerghatta Achieves 600+ Ultrafast Fully Automatic Robotic Knee Replacement Surgeries Under Dr. K.T. Rajashekar

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    Arunachal Minister inaugurates IITM Travel Fair in Bengaluru

    Tata CLiQ’s Moments that CLiQ Sale across fashion, luxury and beauty is set to begin the celebrations for the festive season

    “Every transplant at Kauvery is a commitment to giving life where hope is fading”-Dr. S Vijayabaskaran, Executive Director – Bangalore & Hosur.

    Absolute Hotel Services Signs Second Landmark Property in Rajasthan — New Upscale Retreat in Ajmer Marks Strategic Cluster Expansion

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    Global hunger declines, but rises in Africa and western Asia: UN report

    L&T Technology Services Wins ~$60 Million Software Engineering Engagement From US Tier-I Telecom Provider

    Roche provides regulatory update on Elevidys™ gene therapy for Duchenne muscular dystrophy in the EU

    Wipro Wins Multi-Year “Smart Grid” Deal from Saudi Electric Company

    Glion awarded prestigious Swiss Federal Accreditation

    Global childhood vaccination coverage holds steady, yet over 14 million infants remain unvaccinated – WHO, UNICEF

  • National
    • All
    • Economy & Politics
    • Election

    “World Tiger Day” celebrated.

    realme Launches 15 Series with Industry-First AI Edit Genie and Segment leading Performance

    ShareChat & Moj Announce Second Edition of ‘Short Form Big Impact Leadership Summit 2025’

    Prakash Varma to Inaugurate Creators & Marketers School in Calicut

    Himalaya Wellness Champions Bhringaraja in New Anti-Hair Fall Campaign with a Tale of Friendship

    L&T Technology Services Wins ~$60 Million Software Engineering Engagement From US Tier-I Telecom Provider

  • Business

    Thomas Cook India net profit stays flat at Rs 73.4 crore in April-June

    Nissan’s contribution to Renault Group’s second quarter 2025 earnings

    Punjab National Bank (PNB) announces First Quarter Financial Results for the Quarter Ended 30th June 2025

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    Apollo Bannerghatta Achieves 600+ Ultrafast Fully Automatic Robotic Knee Replacement Surgeries Under Dr. K.T. Rajashekar

    Government Strengthens Measures for Consumer Protection and Curb Unverified Claims by Ayush Product Manufacturers

    Roche provides regulatory update on Elevidys™ gene therapy for Duchenne muscular dystrophy in the EU

    “Every transplant at Kauvery is a commitment to giving life where hope is fading”-Dr. S Vijayabaskaran, Executive Director – Bangalore & Hosur.

    Global childhood vaccination coverage holds steady, yet over 14 million infants remain unvaccinated – WHO, UNICEF

    “The relaunch is our way of expressing gratitude to our early patrons and reintroducing the space with renewed energy.”-Mr. Arup Chatterjee Regional Manger South spokesperson from Barbeque Nation Hospitality Ltd.

  • Technology
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    • Environment
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    Eveready Launches India’s 1st Ever Hybrid Torch with Sonakshi Sinha-starrer ‘Nikita Roy’

    Sony India launches WF-C710N earbuds with Dual Noise Cancelling and smart AI calling features

    HAL receives first set of wing assemblies for LCA Mk1A from L&T

    Emerson NI Days India 2025

    Industry leaders unveil innovative solutions for print, branding, signage and digital displays.

    “This University Is Not Just an Institution—It’s a Mini City of Engineers”: Union Minister Scindia

  • Auto

    ROLLS-ROYCE IN SAINT-TROPEZ: A SUMMER AT THE RIVIERA’S MOST DISTINGUISHED ADDRESSES

    Challenging half year – Audi realignment gains momentum

    Mahindra XUV 3XO ‘REVX’ LAUNCHED:

    Piaggio Vehicles brings in a new era of Apé Electrik; launches the all-new Apé E-City Ultra and the Apé E-City FX Maxx

  • Sports

    Four Seasons Hotel Singapore Serves Up a Luxury Sports Experience with Inaugural Summer Smash Padel and Pickleball Tournament Event

    Over 99% of Indian Children Want to Play Sports but 1 in 4 P.E. Classes Get Cancelled, Shows National Survey by Sportz Village

    Gulbarga Mystics to face Mangaluru Dragons in season opener of Shriram Capital Maharaja Trophy KSCA T20  

    ‘The corner defender is the pillar of the team:’ Yogesh Dahiya on his record-breaking Bulls move

  • Entertainment

    “Virgin Boys” – A Bold Telugu Youth Drama Captures Hearts Across Theatres

    A New Era in Luxury Weddings – Vogue Wedding Atelier Debuts in India

    GenS Life and Dowith Lit Present ‘Senior Spotlight’: Bengaluru’s Open Mic Celebration for the 55+

    PMJ Jewels Launches PMJ SuperStar Bracelet and ‘Celebrating Daughters’ Campaign

    ‘Waves’ an OTT platform that offers clean family-friendly content: Sunil Bhatiya, Deputy Director General, Doordarshan Kendra, Panaji

    Sri Sai Gold Palace’s 7th store inaugurated in Malleshwaram,Bengaluru.

  • Lifestyle
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    • Food
    • Travel

    Apollo Bannerghatta Achieves 600+ Ultrafast Fully Automatic Robotic Knee Replacement Surgeries Under Dr. K.T. Rajashekar

    GKB Opticals Unveils Experiential Flagship Store in Bengaluru

    Arunachal Minister inaugurates IITM Travel Fair in Bengaluru

    Tata CLiQ’s Moments that CLiQ Sale across fashion, luxury and beauty is set to begin the celebrations for the festive season

    “Every transplant at Kauvery is a commitment to giving life where hope is fading”-Dr. S Vijayabaskaran, Executive Director – Bangalore & Hosur.

    Absolute Hotel Services Signs Second Landmark Property in Rajasthan — New Upscale Retreat in Ajmer Marks Strategic Cluster Expansion

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Bengaluru CBD 5th fastest growing market in Asia; Rents grow by 9.4% Y-o-Y: Knight Frank Prime Office Report Q2 2019

by FWM
August 29, 2019
in Business
0

Bandra Kurla Complex, Mumbai records 5% rental growth y-o-y in Q2 2019; Connaught Place, New Delhi rental grows by 1.4%

 Hong Kong- Central most expensive office market in Asia; Melbourne CBD records highest rental growth of 16% y -o- y

 Mumbai, 27 August, 2019: International Property Consultant Knight Frank in its recent report Prime Office Rental Index Q2 2019, noted that the CBD of Bengaluru (MG Road, Residency Road, Cunningham Road, Lavelle Road, Richmond Road and Infantry Road) ranked 5th in terms of y-o-y growth at the end of Q2-2019. Melbourne saw the highest rental growth y-o-y at 16%. Tokyo (12%), Bangkok (10.4%) and Singapore (10.3%) were the other prime office markets that saw higher y-o-y rental growth rates ahead of Bengaluru. Bandra Kurla Complex (BKC) and Connaught Palace, that make up the prime office markets in Mumbai and the NCR respectively, were ranked 8th and 12th at the end of Q2 2019.The Knight Frank Prime Office Rental Index tracks rental levels of 20 frontline cities across the Asia-pacific region

Bengaluru CBD saw the highest annual growth in rental values in India, with current rentals at INR 125 per square foot per month (INR/sq.ft./mth) registering an annual growth of 9.4% in Q2 2019. Regionally, Bengaluru rental values saw the 5th strongest annual growth in rental values. Mumbai’s  BKC which registered growth of 5% y-o-y in Q2 2019 and was recorded at INR 300/sq.ft/mth. New Delhi’s Connaught Place recorded a rental value of INR 330/sq. ft/mth also recorded an annual rise of 1.4% in Q2 2019.

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Indian office rents remained stable in Q2 as the market saw an influx of new supply in H1 2019; 23 million square feet (msf), a 31% year-on-year growth, was supplied during the period. The IT/ITeS sectors continue to absorb the lion’s share of new space coming online, accounting for 35% of all transacted volumes in H1 2019 but has started to show signs of slowing on lower corporate spending and moves towards in sourcing. However, this weakness has been offset by strong demand from co-working operators; co-working transaction volumes rose 42% year-on-year to 4 msqft in H1 2019.

KNIGHT FRANK PRIME OFFICE RENTAL INDEX Q2 2019

 

Rank City District Rent
USD/sq m /month (Q2 2019)
12 months
% Y-o- Y change
(Q2 2018  – Q2 2019)
1 Melbourne CBD 39.8 16 %
2 Tokyo Central 5 Ward 116 12%
3 Bangkok CBD 35.3 10.4%
4 Singapore Raffles Place, Marina Bay 82.8 10.3%
5 Bengaluru CBD 19.4 9.4%
6 Manila Various 21.5 8.9%
7 Sydney CBD 66.5 5.4%
8 Mumbai BKC 46.9 5%
9 Brisbane CBD 35.5 2.5%
10 Taipei Downtown 27.2 2.2%
11 Guangzhou CBD 28.1 1.5%
12 NCR Connaught Place 51.5 1.4%
13 Perth CBD 34.9 1.2%
14 Phnom Penh City Centre 23.6 0.6%
15 Seoul CBD, GBD, YBD 29.4 0.1%
16 Hong Kong Central 219.7 -0.2%
17 Kuala Lumpur City Centre 15.1 -0.7%
18 Shanghai Puxi, Pudong 41.6 -1.1%
19 Beijing Various 52.9 -3.2%
20 Jakarta CBD 24.8 -10.8%

Source: Knight Frank Research // *Sanko Estate

“The office markets of India have withstood headwinds from global and national economic conditions and depict an impressive growth story. The leasing volumes have grown consistently and are at historic highs, which indicates a high level of confidence that the corporate world has in the India story, especially from a long-term perspective.  Bengaluru has maintained its prime growth market position with its CBD recording the 5th highest rental growth, further strengthening its position. BKC in Mumbai and Connaught Place in New Delhi have also seen growth in rental values, indicating continued interest for transaction from office end – users,”said Shishir Baijal, Chairman & Managing Director, Knight Frank India

Shishir further continued, “A strong commercial office market has been at the core of keeping India’s real estate story alive with global investors, who have, despite some slowdown in the residential markets, continued to explore investment opportunities in the market. Strong rental trends will be a force majeure for the growth of investments in this segment going forward.”

 

Tags: CBD of Bengaluru (MG RoadCunningham RoadLavelle RoadResidency RoadRichmond Road and Infantry Road)

FWM

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