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Bengaluru CBD outperforms Asia-Pacific office market; Delhi’s CP & Mumbai’s BKC ranked 7th& 11th: Knight Frank

FWM by FWM
November 25, 2019
in Business
0
  • Bengaluru’s CBD sees highest 17.6% YoY growth in office rentals in Q3 2019
  • Connaught Place in Delhi sees 4.4% YoY rental growth; Bandra Kurla Complex in Mumbai records 2% rise
  • Knight Frank’s Asia-Pacific Prime Office Rental Index rises 1.8% YoY to 157.3
  • Of the 20 cities tracked by the index, 12 recorded either stable or increased quarterly rents; two less than the 14 reported in the previous period
  • India and Australia only two countries in Asia Pacific that saw rentals grow or stabilise on a quarterly basis in Q3 2019

November 25, 2019: Office market in India continues to be robust despite sluggish economic growth, with international property consultant Knight Frank in its recent report Asia–Pacific Prime Office Rental Index Q3 2019, showing that the Central Business District (CBD) of Bengaluru, comprising areas such as MG Road, Infantry Road and Residency Road, has registered the highest year–on–year rental growth in the Asia-Pacific region at 17.6% in July to September quarter this year (Q3 2019).

A resurgence in IT/ITeS sector hiring since the first half of 2019 (H1 2019) and increased activity by manufacturing companies kept demand buoyant in Bengaluru CBD. New and higher priced stock coming online in the CBD along with higher rentals being charged by renovated properties also caused rentals to rise.

Bengaluru was followed by the CBDs of Melbourne and Bangkok at the 2nd and 3rd ranks, with a YoY office rental growth of 15.5% and 9.4%, respectively.

The CBDs of Connaught Place in National Capital Region (NCR) and Bandra Kurla Complex (BKC) in Mumbai were the 7th and 11th fastest-growing prime office markets in the Asia-Pacific region, respectively, with a comparatively modest 4.4% and 2% YoY rental growth in Q3 2019.

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In terms of rentals, Hong Kong, with a monthly rental value of USD 206.6 per sqm, was the most expensive office market in Asia–Pacific in Q3 2019, followed by Tokyo (USD 110.9 per sqm) and Singapore (USD 80.5per sqm).

The CBDs of NCR and Mumbai were ranked as the 5th and 7th most expensive prime office markets in Asia–Pacific, with monthly rental values of USD 51.8 per sqm and USD 46.2 per sqm, respectively.

 

KNIGHT FRANK ASIA–PACIFIC PRIME OFFICE RENTAL INDEX Q3 2019

 

Rank City Submarket(s) 12–month % change
(Q3 2018–Q3 2019)
Rent
(USD/sqm/month)
Forecast for
next 12 months
1 Bengaluru CBD 17.6 20.5 Increase
2 Melbourne CBD 15.5 39.1 Increase
3 Bangkok CBD 9.4 36.9 Same
4 Manila Various 7.5 21.1 Decrease
5 Sydney CBD 6.4 65.6 Increase
6 Singapore Raffles Place, Marina Bay 4.5 80.5 Same
7 NCR Connaught Place 4.4 51.8 Same
8 Perth CBD 3.4 34.3 Increase
9 Brisbane CBD 3.0 34.5 Increase
10 Taipei Downtown 2.2 27.2 Increase
11 Mumbai BKC 2.0 46.2 Increase
12 Tokyo Central 5 Wards 1.6 110.9 Same
13 Kuala Lumpur City Centre 1.5 15.2 Decrease
14 Guangzhou CBD 1.4 27.0 Same
15 Seoul CBD, GBD, YBD 0.5 28.2 Same
16 Phnom Penh City Centre 0.5 23.6 Same
17 Shanghai Puxi, Pudong -2.1 39.6 Decrease
18 Beijing Various -4.7 50.3 Decrease
19 Hong Kong Central -8.3 206.6 Decrease
20 Jakarta CBD -10.8 24.7 Same

Source: Knight Frank Research / *Sanko Estate

India and Australia were the only two countries that saw rentals grow or stabilise across prime office markets on a quarterly basis in Q3 2019.

Knight Frank’s Asia-Pacific Prime Office Rental Index, which tracks office rental levels of 20 frontline cities across the Asia-Pacific region, rose 0.1% quarter-on-quarter to 157.3 in Q3 2019. Year-on- year, the index rose 1.8%, decelerating from the 3.4% rise witnessed in Q2 2019.

Of the 20 cities tracked by the index, 12 recorded either stable or increased quarterly rents; 3 less than the 14 reported in the previous period.

 “The office market has been witnessing a steady growth in India, which is adequately reflected in the growth in rental values in prime office markets. Bengaluru, in particular, has seen continued growth in leasing activities, due to the competitive pricing offered by its CBD, as against its counterparts in New Delhi and Mumbai. Bengaluru CBD sees continuous demand, which in turn has pushed the rental values upwards. CBD in New Delhi continues to remain attractive, however, low vacancies and lack of Grade-A supply have restricted leasing volumes in this location. Mumbai CBD, on the other hand, continues to be one of the most favourable office destination commanding high rental values. We expect the trend to continue for these markets as the demand for office space is expected to continue,” said Shishir Baijal, Chairman and Managing Director of Knight Frank India.

Mr. Parth Mehta, Managing Director, Paradigm Realty

“As per the Knight Frank’s recent report, Bandra Kurla Complex (BKC) in Mumbai is 11th fastest-growing prime office markets in the Asia-Pacific region. Mumbai is 7th most expensive office market, hence the Y-o-Y growth is mere 2% whereas Bengaluru has witnessed 17.6% Y-o-Y growth in Q3 2019. NCR and Mumbai witnessed slight fall in their rental values compared to Q2 2019, however monthly rental rates of Bengaluru have moved up by USD 1.1 per sqm. Bengaluru has seen an exemplary YoY growth due to its competitive rental values which is less than 50% of Mumbai as well as Delhi CBD rental rates. Space constraint is the major reason for high rental values in Mumbai, and upcoming 160-acre Oshiwara District Centre may help in solving this issues, with Grade-A office space available for corporate occupiers.”

 

Tags: Knight FrankKnight Frank ResearchParadigm Realty
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